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

Acquired $$6,000$ cash from issuing common stock.

Borrowed $$4,400$ from a bank.

Earned $$6,200$ of revenues.

Incurred $$4,800$ in expenses.

Paid dividends of $$800.$

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Lexington Company engaged in the following transactions during Year $2$:

Acquired an additional $$1,000$ cash from the issue of common stock.

Repaid $$2,600$ of its debt to the bank.

Earned revenues, $$9,000.$

Incurred expenses of $$5,500.$

Paid dividends of $$1,280.$

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