The year$-$end financial statements of Callaway Company contained the

following accounts and corresponding amounts: Assets $=$$$50,000$; Common

Stock $=$$$15,000$; Revenue $=$$$22,000$; Dividends paid $=$$$1,500$; Beginning of

year Retained Earnings $=$$$3,500$ End of Year Retained Earnings $=$$$7,500.$

Based on this information, the amount of total liabilities at year$-$end must be:

$$27,500$

$$31,500$

$$35,000$

$$42,500$

Unable to determine