During its first year of operations, a company entered into the following transactions: Borrowed $20,000 from the bank by signing a promissory note. Issued stock to owners for $40,000. Purchased $4,000 of supplies on account. Paid $1,600 to suppliers as payment on account for the supplies purchased. . What is the amount of total assets at the end of the year? Multiple Choice $22.400 O $64.000 O $60,000 O $62,400