Farrah Company opened business as a sole proprietorship on January 1, 2012. The owner contributed $525,000 cash on that date. During the year, the companyhad a net income of $20,000. The company purchased equipment of $120,000 during the year. The owner also withdrew $75,000 to pay for personal expensesw during 2012.Determine the company's owner's equity at December 31, 2012.