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

1. 1) Acquired $1,550 cash from the issue of common stock.
2. 2) Borrowed $1,020 from a bank.
3. 3) Earned $1,200 of revenues.
4. 4) Paid expenses of $370.
5. 5) Paid a $170 dividend.

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

1. 1) Issued an additional $925 of common stock.
2. 2) Repaid $640 of its debt to the bank.
3. 3) Earned revenues of $1,350.
4. 4) Incurred expenses of $600.
5. 5) Paid dividends of $220.

What was the balance of Packard's Retained Earnings account before closing in Year 1?