Merchant Corporation provides plumbing services Transactions of Merchant during the first year of operations are given below a) Received $12,000 cash and issued common stock to Sharon b) Paid $1,800 cash for equipment to be used for plumbing repairs. c) Borrowed $10,000 from a local bank and deposited the money in the checking account. d) Paid $600 rent for the year e) Purchased $400 of office supplies by cash f) Completed a plumbing repair project for a local lawyer and received $3,400 cash. Calculate the amount of total liabilities at the end of the first year A. $3,400 B. $20,200 C. $10,000 D. $12,000