A company started the year with the following: Assets $121,000; Liabilities $41,500;

Contributed Capital $71,500; Retained Earnings $8,000.

During the year the company earned revenue of $6,400, all of which was received in cash, and incurred expenses of $3,700, all of which was unpaid as of the end of the year. In addition, the company paid dividends of $2,400 to owners. Assume no other activities occurred during the year.