Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions:

1) issued stock for $40,000

2) borrowed $25,000 from its bank

3) provided consulting services for $39,000 cash

4) paid back $10,000 of the bank loan

5) borrowed additional $11,000 from its bank

6) paid rent expense for $9,000

7) purchased equipment for $12,000 cash

8) paid $3,000 dividends to stockholders

9) paid employees' salaries of $21,000

What is Yowell's notes payable balance at the end of Year 1?

A) $0

B) $26,000

C) ($10,000)

D) ($26,000)