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

1) issued stock for $68,000 2) borrowed $39,000 from its bank 3) provided consulting services for $66,000 cash 4) paid back $29,000 of the bank loan 5) paid rent expense for $16,000 6) purchased equipment for $26,000 cash 7) paid $4400 dividends to stockholders 8) paid employees' salaries of $35,000

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

Group of answer choices

$0

$29,000

$10,000

$39,000