X Company, a merchandising company, had the following transactions during the year: 1. Received $8,825 in cash contributions from the owners. 2. Purchased $8,492 worth of merchandise on account from suppliers. 3. Sold merchandise on account to customers for $10,898; the merchandise cost X Company $6,539. 4. Paid $3,802 to suppliers for merchandise that X Company had previously purchased on account. 5. Collected $3,248 from customers who had previously purchased merchandise on account. 6. Bought equipment for $10,065 with a down payment of $5,374 and a $4,691 loan from the bank. 7. Paid wages of $1,039. 8. Recognized the expiration of $579 of prepaid rent. If total assets at the beginning of the year were $14,477, what were total assets at the end of the year?