Packard Company engaged in the following transactions during Year 1, its first year of operations: (Assume all transactions are cash transactions.) 1) Acquired $1,030 cash from the issue of common stock. 2) Borrowed $500 from a bank. 3) Earned $810 of revenues 4) Pald expenses of $330. 5) Pald a $90 dividend. During Year 2, Packard engaged in the following transactions: (Assume all transactions are cash transactions.) 1) Issued an additional $405 of common stock. 2) Repaid $300 of its debt to the bank. 3) Earned revenues of $830. 4) Incurred expenses of $440. 5) Pald dividends of $180 What is the after-closing amount of retained earnings that will be reported on Packard's balance sheet at the end of Year 2? (Assume that closing entries have been made). Multiple Choice O O $780 $1,080 O O $220 $600 O