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Lexington Company engaged in the following transactions during Year 1, its first year of operations. (Assume all transactions are cash transactions.)
1) Acquired $4,700 cash from issuing common stock.
2) Borrowed $3,050 from a bank.
3) Earned $3,950 of revenues.
4) Incurred $2,570 in expenses.
5) Paid dividends of $570. Lexington Company engaged in the following transactions during Year 2:
1) Acquired an additional $1,350 cash from the issue of common stock.
2) Repaid $1,895 of its debt to the bank.
3) Earned revenues, $5,350.
4) Incurred expenses of $3,090.
5) Paid dividends of $1,660.
Total liabilities on Lexington's balance sheet at the end of Year 1 equal:
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