The Statement of Changes in Equity reflects the movements in equity components of a company over a particular reporting period. It typically includes the opening balance of equity, changes due to profits or losses, dividends declared, and any new shares issued. Understanding how these components impact the overall equity can provide insights into the company's financial health.

Consider the following information from Company ABC's Statement of Changes in Equity for the year ending December 31, 2022:

• Opening Balance of Equity: $500,000
• Net Income for the year: $100,000
• Dividends declared: $20,000
• New shares issued: $30,000

Given this information, what is the total closing balance of equity for Company ABC at the end of the reporting period?