Lucy Company engaged in the following transactions during Year 1, its first year of operations. (Assume all transactions are cash transactions.) Acquired $4,800 cash from issuing common stock. 2) Borrowed $3,100 from a bank. 3) Earned $4,000 of revenues. 4) Incurred $2,580 in expenses. 5) Paid dividends of $580. Total liabilities on Lucy's balance sheet at the end of Year 1 equal: Multiple Choice $1140 ($1,930) $1,400 $3,100.