Lexington Company engaged in the following transactions during Year 1, its first year in operation: (Assume all transactions are cash transactions) 1. Acquired $5000 cash from issuing common stock. 2. Borrowed $3200 from a bank. 3. Earned $4100 of revenues. 4. Incurred $2600 in expenses. 5. Paid dividends of $600. Lexington Company engaged in the following transactions during Year 2: (Assume all transactions are cash transactions) 1. Acquired an additional $1500 cash from the issue of common stock. 2. Repaid $2000 of its debt to the bank. 3. Earned revenues, $5500. 4. Incurred expenses of $3150. 5. Paid dividends of $1840. What is the amount of total assets that will be reported on Lexington's balance sheet at the end of Year 1?
A. $8800.
B. $1800.
C. $9100.
D. $4000.
Answer: C
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Indicate whether the statement is true or false
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What will be an ideal response?