Packard Company engaged in the following transactions during Year 1, its first year of operations: (Assume all transactions are cash transactions.) 1) Acquired $1,200 cash from the issue of common stock. 2) Borrowed $670 from a bank. 3) Earned $850 of revenues. 4) Paid expenses of $300. 5) Paid a $100 dividend. During Year 2, Packard engaged in the following transactions: (Assume all transactions are cash transactions.) 1) Issued an additional $575 of common stock. 2) Repaid $395 of its debt to the bank. 3) Earned revenues of $1,000. 4) Incurred expenses of $460. 5) Paid dividends of $150.