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

1) issued stock for $50,000

2) borrowed $30,000 from its bank

3) provided consulting services for $49,000 cash

4) paid back $20,000 of the bank loan

5) paid rent expense for $11,500

6) purchased equipment for $17,000 cash

7) paid $3,500 dividends to stockholders

8) paid employees' salaries of $26,000

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

Multiple Choice

$30,000

$0

$10,000

$20,000