X Company, a merchandising company, had the following transactions during the year: 1. Received $8,080 in cash contributions from the owners. 2. Purchased $8,526 worth of merchandise on account from suppliers. 3. Sold merchandise on account to customers for $10,514; the merchandise cost X Company $7,360. 4. Paid $3,451 to suppliers for merchandise that X Company had previously purchased on account. 5. Collected $3,405 from customers who had previously purchased merchandise on account. 6. Bought equipment for $9,723 with a down payment of $5,654 and a $4,069 loan from the bank. 7. Paid wages of $1,140. 8. Recognized the expiration of $554 of prepaid rent. Total assets at the beginning of the year were $12,142. What were total assets at the end of the year?