Packard Company engaged in the following transactions during Year 1, its first year of operations: (Assume all transactions are cash transactions.) 1) Acquired $1,050 cash from the issue of common stock. 2) Borrowed $520 from a bank. 3) Earned $750 of revenues. 4) Paid expenses of $270. 5) Paid a $70 dividend. During Year 2, Packard engaged in the following transactions: (Assume all transactions are cash transactions.) 1) Issued an additional $425 of common stock. 2) Repaid $290 of its debt to the bank. 3) Earned revenues of $850. 4) Incurred expenses of $400. 5) Paid dividends of $120. The amount of total liabilities on Packard's Year 1 balance sheet is