Packard Company engaged in the following transactions during Year $1,$ its first year of operations: $($Assume all transactions are cash transactions.$)$

Acquired $$1\mathrm{.}400$ cash from the issue of common stock.

Borrowed $$870$ from a bank.

Earned $$1,100$ of revenues.

Paid expenses of $$340.$

Paid a $$140$ dividend.

During Year $2,$ Packard engaged in the following transactions: $($Assume all transactions are cash transactions$)$

Issued an additional $$775$ of common stock.

Repaid $$535$ of its debt to the bank.

Earned revenues of $$1,200.$

Incurred expenses of $$540.$

Paid dividends of $$190.$

The amount of total liabilities on Packard's Year $1$ balance sheet is

Multiple Choice

$$870$

$$1,210$

$$610$

$$335$