During its first year of operations, a company entered into the following transactions: Borrowed $5, 120 from the bank by signing a promissory note. Issued stock to owners for $11, 200. Purchased $1, 120 of supplies on account. Paid $520 to suppliers as payment on account for the supplies purchased. What is the amount of total assets at the end of the year? $5, 720 $17, 440 $16, 320 $16, 920