Merchant Corporation provides plumbing services. Transactions of Merchant during the first year of operations are given below

a) Received $12,000 cash and issued common stock to Sharon

b) Paid $1,600 cash for equipment to be used for plumbing repairs.
c) Borrowed $14,000 from a local bank and deposited the money in the checking account.
d) Paid $600 rent for the year.
e) Purchased $200 of office supplies by cash.
f) Completed a plumbing repair project for a local lawyer and received $3,000 cash.

Calculate the amount of total liabilities at the end of the first year.
A) $14,000
B) $12,000
C) $24,400
D) $3,000

A .Borrowings from bank = $14,000