Johnson Waterworks Corporation provides plumbing services. Transactions during the first year of operations are provided below. Received $11,000 cash and issued common stock to Mitchell Johnson. Paid $1,200 for equipment to be used for plumbing repairs. Borrowed $15,000 from a local bank and deposited the money in the checking account. Paid $400 in rent for the year. Paid $400 for plumbing supplies to be used on various jobs next year. o Completed a plumbing repair for a law firm and received $3,500 Calculate the amount of total assets at the end of the first year. (Assume the plumbing supplies of $400 are left at the end of the year). $29,100 $26,000 $1,600 $1,200