Packard Company engaged in the following transactions during Year 1, its first year of operations: (Assume all transactions are cash transactions.) 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 $430. 5) Paid a $230 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.