QUESTIONS Lexington Company engaged in the following transactions during Year 1, its first year of operations. (Assume all transactions are cash transactions.) 1.Acquired 56.000 cash from issuing common stock 2.Borrowed 54,400 from a bank. 3. Earned 56.200 of revenues. incurred 54.800 in expenses. Vald dividends of $800. Lexington Company engaged in the following transactions during Year 2: 1. Acquired an additionat 51,000 cash from the issue of common stock 2. Nepaid $2.000 of its debt to the bank Carned revenues 39.000 4. incurred expenses of $5.500 5 Paid dividends of 51.280 Total abilities on Lexington's balance sheet at the end of Year 1 equat 0 1400 (52.6001 51,000