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Lexington Company engaged in the following transactions during Year t, its first year of operations....

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Accounting

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Lexington Company engaged in the following transactions during Year t, its first year of operations. (Assume all transactions are cash transactions.) 1) Acquired $3,800 cash from issuing common stock. 2) Borrowed 52,600 from a bank. 3) Earned $3,500 of tevenues: 4) Incurred 52,480 in expenses. 5) Paid dividends of $480. Lexington Company engaged in the following transoctions during Year 2 : 1) Acquired an additional $900 cash from the issue of common stock. 2) Repaid $1,580 of its debt to the bank. 3) Earned revenues, $4.900. 4) Incurred expenses of $2.910. 5) Paid dividends of $1,120. Multiple Choice $640. (51,5econ. 5900. $2.600

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