! Required information [The following information applies to the questions displayed below.] Lexington Company engaged in the following transactions during Year 1, its first year in operation: (Assume all transactions are cash transactions) 1. Acquired $3,700 cash from issuing common stock. 2. Borrowed $2,550 from a bank. 3. Earned $3,450 of revenues. 4. Incurred $2,470 in expenses. 5. Paid dividends of $470. Lexington Company engaged in the following transactions during Year 2: (Assume all transactions are cash transactions) 1. Acquired an additional $850 cash from the issue of common stock. 2. Repaid $1,545 of its debt to the bank. 3. Earned revenues, $4,850. 4. Incurred expenses of $2,890. 5. Paid dividends of $1,060. What is the amount of total assets that will be reported on Lexington's balance sheet at the end of Year 1? Multiple Choice O O $3,870 $3,870 O $1,150. O $6,980 $6,760. What was the amount of retained earnings that will be reported on Lexington's balance sheet at the end of Year 17 Multiple Choice $3,450 $2,980. $980. $510. What was the amount of liabilities on Lexington's balance sheet at the end of Year 2? Multiple Choice $590. $1,005, O O O $850 ($1,545)