Packard Company engaged in the following transactions during 2015, its first year in operations: (Assume all transactions are cash transactions.)

1)	Acquired $1,850 cash from the issue of common stock.
2)	Borrowed $1,320 from a bank.
3)	Earned $1,500 of revenues.
4)	Paid expenses of $430.
5)	Paid a $230 dividend.

During 2016, Packard engaged in the following transactions: (Assume all transactions are cash transactions.)

1)	Issued an additional $1,225 of common stock.
2)	Repaid $850 of its debt to the bank.
3)	Earned revenues of $1,650.
4)	Incurred expenses of $720.
5)	Paid dividends of $280. ANSWER THE FOLLOWING: a) The amount of total equity on Packard's 2015 balance sheet is: b) The amount of retained earnings on Packard's 2016 balance sheet is: