Transactions during the first year of operations are provided below. The owner, Sharon McCoy, contributed $10,000 cash in exchange for capital. Paid $1,100 cash for equipment to be used for plumbing repairs. Borrowed $12,000 from a local bank and deposited the money in the checking account. Paid $300 rent for the year. Purchased $200 of office supplies by cash. Completed a plumbing repair project for a local lawyer and received $3,200 cash. Calculate the amount of total liabilities at the end of the first year. $12,000 $10,000 $20,900 $3,200