Smoky Company had a balance in Retained Earnings on December 31, 20X7, after all closing entries, of $2,500. During 20X7, Smoky Company generated Net Income of $2,000 and paid dividends of $500 to holders of its common stock. On January 1, 20X7, Smoky Company had $3,000 in cash and $2,000 in inventory. At this time, the company also had $1,500 in its Common Stock account. What were Smoky Companys total liabilities on January 1, 20X7? Record your final result in