At the end of Year $1,$ Clayton Company had $$6,000$ of cash, $$7,000$ land, $$2,000$ of liabilities, $$3,000$ of common stock, and $$8,000$ of retained earnings. During Year $2,$ Clayton experienced the following events.

Borrowed $$1,500$ cash.

Earned $$6,500$ of cash revenue.

Paid $$4,000$ of cash expenses.

Paid $$5,000$ cash to purchase land.

Based on this information the amount of total assets, total liabilities, and retained earnings appearing on the Year $2$ financial statements is

Total Assets

Total Liabilities

A$.$ $$5,000$

B$.$ $$17,000$

C$.$ $$11,000$

D$.$ $$11,000$

Retained

Earnings

$$8,500$

$$10,500$

$$10,500$

$$5,500$

Option $A$

Option B

Option C

Option D