Packard Company engaged in the following transactions during Year 1, its first year of operations: (Assume all transactions are cash transactions.) 1) Acquired $1,750 cash from the issue of common stock. 2) Borrowed $1,220 from a bank. 3) Earned $1,400 of revenues. 4) Paid expenses of $410. 5) Paid a $210 dividend. During Year 2, Packard engaged in the following transactions: (Assume all transactions are cash transactions) 1) Issued an additional $1,125 of common stock. 2) Repaid $780 of its debt to the bank. 3) Earned revenues of $1,550. 4) Incurred expenses of $680. 5) Paid dividends of $260. 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).