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

1. 1) Acquired $1,000 cash from the issue of common stock.
2. 2) Borrowed $470 from a bank.
3. 3) Earned $700 of revenues.
4. 4) Paid expenses of $260.
5. 5) Paid a $60 dividend.

During Year 2, Packard engaged in the following transactions: (Assume all transactions are cash transactions.)

1. 1) Issued an additional $375 of common stock.
2. 2) Repaid $255 of its debt to the bank.
3. 3) Earned revenues of $800.
4. 4) Incurred expenses of $380.
5. 5) Paid dividends of $110.

The amount of total liabilities on Packards Year 1 balance sheet is