Lexington Company engaged in the following transactions during Year 1, its first year of operations. (Assume all transactions are cash transactions.)

1) Acquired $4,700 cash from issuing common stock.

2) Borrowed $3,050 from a bank.

3) Earned $3,950 of revenues.

4) Incurred $2,570 in expenses.

5) Paid dividends of $570. Lexington Company engaged in the following transactions during Year 2:

1) Acquired an additional $1,350 cash from the issue of common stock.

2) Repaid $1,895 of its debt to the bank.

3) Earned revenues, $5,350.

4) Incurred expenses of $3,090.

5) Paid dividends of $1,660.

Total liabilities on Lexington's balance sheet at the end of Year 1 equal: