Lexington Company engaged in the following transactions during Year 1, les first year of operations. (Assume all transactions are cash transactions) 1) Acquired $5,000 cash from issuing common stock 2) Borrowed 53.200 from a bank 3) Earned $4.500 of revenues. 4) Incurred $2,600 in expenses. 5) Pald dividends of $600 16:47 Lexington Company engaged in the following transactions during Year 2 1) Acquired an additional $1,500 cash from the issue of common stock 2) Repaid $2,000 of its debt to the bank. 3) Eamed revenues, $5,500 4) incurred expenses of $3,150 5) Paid dividends of $1,840. Total liabilities on Lexington's balance sheet at the end of Year 1 equal Multiple Choice $2.000