Packard Company engaged in the following transactions during Year 1, its first year of operations: (Assume all transactions are cash transactions.) 1) Acquired $1,600 cash from the issue of common stock. 2) Borrowed $1,070 from a bank. 3) Earned $1,300 of revenues. 4) Paid expenses of $380. 5) Paid a $180 dividend. During Year 2, Packard engaged in the following transactions: (Assume all transactions are cash transactions.) 1) Issued an additional $975 of common stock. 2) Repaid $675 of its debt to the bank. 3) Earned revenues of $1,400. 4) Incurred expenses of $620. 5) Paid dividends of $230.