At the end of Year 1. Clayton Company had $6,000 of cash. 57.000 land, $2.000 of liabilities. $3,000 of common stock, and $8.000 of retained earnings. During Year 2. Clayton experienced the following events 1. Borrowed $1,500 cash. 2. Earned $6,500 of cash revenue. 3. Paid $4.000 of cash expenses 4. Paid $5.000 cash to purchase land Based on this information the amount of total assets, total abilities, and retained earnings appearing on the Year 2 financial statements Total Assets 55,000 $17,000 $11,000 $11,000 Total Liabilities Retained Earnings $5,500 $ 8,500 $3,500 $10,500 $2,000 $19,500 $2,500 $ 5,500 C