Packard Company engaged in the following transactions during Year 1 its first year of operations (Assume all transactions are cash transactions) 1Acquired $1,850 cash from the issue of common stock 2) Borrowed $1,320 from a bank 3) Earned $1.500 of revenues. 4) Pald expenses of $430 5) Paid a $230 dividend During Year 2. Packard engaged in the following transactions (Assume all transactions are cash transactions.) Issued an additional $1225 of common stock. 2) Repaid $850 of its debt to the bank 3) Eamed revenues of $1650 4) Incurred expenses of $720 5) Paid dividends of $280 What was the balance of Packard's Retained Earnings account before closing in Year 17 What was the balance of Packard's Retained Earnings account before closing in Year 1? Multiple Choice S1090 $840 $1070