Packard Company engaged in the following transactions during Year 1, its first year of operations. (Assume...

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Packard Company engaged in the following transactions during Year 1, its first year of operations. (Assume all transactions are cash transactions). 1) Acquired $950 cash from the issue of common stock. 2) Borrowed $420 from a bank. 3) Earned $650 of revenues received in cash. 4) Paid expenses of $250. 5) Paid a $50 dividend. During Year 2, Packard engaged in the following transactions. (Assume all transactions are cash transactions). 1) Issued an additional $325 of common stock. 2) Repaid $220 of its loan to the bank. 3) Earned revenues of $750 cash. 4) Incurred expenses of $360. 5) Paid dividends of $100. Based on the preceding transactions, the amount of retained earnings on Packard's balance sheet at the end of Year 2 is: Packard Company engaged in the following transactions during Year 1, its first year of operations. (Assume all transactions are cash transactions). 1) Acquired $950 cash from the issue of common stock. 2) Borrowed $420 from a bank. 3) Earned $650 of revenues received in cash. 4) Paid expenses of $250. 5) Paid a $50 dividend. During Year 2, Packard engaged in the following transactions. (Assume all transactions are cash transactions). 1) Issued an additional $325 of common stock. 2) Repaid $220 of its loan to the bank. 3) Earned revenues of $750 cash. 4) Incurred expenses of $360. 5) Paid dividends of $100. Based on the preceding transactions, the amount of retained earnings on Packard's balance sheet at the end of Year 2 is: