Calculating Total Liabilities on a Balance Sheet

Innovatech Solutions Inc. recently completed its fiscal year-end and is reviewing its balance sheet as of December 31, 2023. The company's financial position is summarized as follows:

- Current Assets: $500,000

- Non-current Assets: $1,200,000

- Current Liabilities: $300,000

- Long-term Liabilities: $700,000

- Equity: $700,000

Based on this information, what is the total amount of liabilities reported on Innovatech Solutions Inc.'s balance sheet?