Getty Corporation started in business on January 1, 2020. Following are some of its transactions through March 31:

• 1/1/20 - The company borrowed $20,000 from a local bank and agreed to pay back $24,000 on January 1, 2022.
• 2/1/20 - Purchased insurance to cover six months for $1,800 in cash.
• 2/11/20 - Bought $7,000 of inventory on account. Getty will pay on April 10th.
• 3/06/20 - Sold $3,000 of inventory for $11,000, half in cash and half on account.
• 3/26/20 - Collected $2,000 of accounts receivable.
• 3/29/20 - Received utility bill for the first quarter of $1,400. This will be paid in April.
• 3/31/20 - Paid $3,200 in dividends.

How much were Getty's current liabilities at March 31, 2020?

Group of answer choices

$8,400

$1,400

$8,900

$7,000

None of the above