Packard Company engaged in the following transactions during Year 1, its first year of operations: (Assume all transactions are cash transactions.) 1) Acquired $1,900 cash from the issue of common stock. 2) Borrowed $1,370 from a bank. 3) Earned $1,550 of revenues. 4) Paid expenses of $440. 5) Paid a $240 dividend. During Year 2, Packard engaged in the following transactions: (Assume all transactions are cash transactions.) 1) Issued an additional $1,275 of common stock. 2) Repaid $885 of its debt to the bank. 3) Earned revenues of $1,700. 4) Incurred expenses of $740. 5) Paid dividends of $290.