Bledsoe Company acquired $24,000 cash by issuing common stock on January 1, Year 1. During Year 1, Bledsoe earned $9,400 of revenue on account. The company collected $7,800 cash from customers in partial settlement of its accounts receivable and paid $6,300 cash for operating expenses. Based on this information alone, what was the impact on total assets during Year 1?

Multiple Choice

• Total assets increased by $1,500.
• Total assets increased by $34,900.
• Total assets did not change.
• Total assets increased by $27,100.