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.) 23 1. Acquired $4,700 cash from issuing common stock 2. Borrowed $3,050 from a bank 3. Earned $3.950 of revenues. 4. Incurred $2,570 in expenses. 5. Paid dividends of $570. Lexington Company engaged in the following transactions during Year 2: (Assume all transactions are cash transactions) 1. Acquired an additional $1,350 cash from the issue of common stock 2. Repaid $1,895 of its debt to the bank 3. Earned revenues, $5,350 4. Incurred expenses of $3,090. 5. Paid dividends of $1,660 What was the amount of liabilities on Lexington's balance sheet at the end of Year 2