A company entered into the following transactions:

A company entered into the following transactions:

– Borrowed $5,110 from the bank by signing a promissory note

– Issued stock to owners for $11,100

– Purchased $1,110 of supplies, on account

– Paid $510 to suppliers as payment on account for the supplies purchased

1. What is the amount of total assets?

A. $16,810

B. $17,320

C. $16,210

D. $5,710

2. What is the amount of total liabilities?

A. $17,320

B. $5,710

C. $6,220

D. $16,810