Packard Company engaged in the following transactions during Year 1 , its first year of operations: (Assume all transactions are cash transactions.) 1) Acquired $1,250 cash from the issue of common stock. 2) Borrowed $720 from a bank. 3) Earned $900 of revenues. 4) Paid expenses of $310. 5) Paid a $110 dividend. During Year 2. Packard engaged in the following transactions: (Assume all transactions are cash transactions.) 1) Issued an additional $625 of common stock. 2) Repaid $430 of its debt to the bank. 3) Earned revenues of $1,050. 4) incurred expenses of $480. 5) Paid dividends of $160. What is the after-closing amount of retained earnings that will be reported on Packard's balance sheet ot the end of Year 2 ? (Assumo that closing entries have been posted) Mutiple Cholce $890 51050 51,310 $1,395