Packard Company engaged in the following transactions during Year 1, its first year of operations (Assume all transactions are cash trans 1) Acquired $1,850 cash from the issue of common stock 2) Borrowed $1,320 from a bank 3) Earned $1,500 of revenues. 4) Paid expenses of $4301 5) Paid a 5230 dividend During Year 2. Packard engaged in the following transactions (Assume all transactions are cash transactions.) 1) Issued an additional $1,225 of common stock. 2) Repaid $850 of its debt to the bank. 3) Earned revenues of $1.650. 4) Incurred expenses of $720 5) Paid dividends of $280. What was the balance of Packard's Retained Earnings account before closing in Year 12 3) Earned revenues of $1650 incurred expenses of $720 Pald dividends of $280 What was the balance of Packard's Retained Earnings account before closing in Year 1? Moe Choice o $1090 0 $9.40 50 5100