Packard Company engaged in the following transactions during Year 1, its first year of operations: (Assume all transactions are cash transactions.) 1) Acquired $1,650 cash from the issue of common stock. 2) Borrowed $1.120 from a bank 3) Earned $1,300 of revenues. 4) Pald expenses of $390 5) Paid a $190 dividend. During Year 2, Packard engaged in the following transactions: (Assume all transactions are cash transactions.) 1) Issued an additional $1.025 of common stock 2) Repaid $710 of its debt to the bank. 3) Earned revenues of $1.450. 4) Incurred expenses of $640. 5) Paid dividends of $240. 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 posted)