SLO#1-Prepare basic statements Seved Help Lexington Company engaged in the following transactions during Year 1, its first year of operations. (Assume all transactions are cash transactions.) 1) Acquired $3,300 cash from issuing common stock. 2) Borrowed $2,350 from a bank. 3) Earned $3,250 of revenues. 4) Incurred $2,430 in expenses. 5) Paid dividends of $430 Lexington Company engaged in the following transactions during Year 2: 1) Acquired an additional $650 cash from the issue of common stock. 2) Repaid $1,405 of its debt to the bank. 3) Earned revenues, $4,650. 4) Incurred expenses of $2,810. 5) Pald dividends of $820. Total liabilities on Lexington's balance sheet at the end of Year 1 equal