1. 1) Acquired $1,050 cash from the issue of common stock.
2. 2) Borrowed $520 from a bank.
3. 3) Earned $700 of revenues.
4. 4) Paid expenses of $270.
5. 5) Paid a $70 dividend.

During Year 2, Packard engaged in the following transactions: (Assume all transactions are cash transactions.)

1. 1) Issued an additional $425 of common stock.
2. 2) Repaid $290 of its debt to the bank.
3. 3) Earned revenues of $850.
4. 4) Incurred expenses of $400.
5. 5) Paid dividends of $120.

What is the amount of total stockholders equity that will be reported on Packards balance sheet at the end of Year 1?

Multiple Choice