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

1. Acquired $1,300 cash from the issue of common stock.
2. Borrowed $770 from a bank.
3. Earned $950 of revenues cash.
4. Paid expenses of $320.
5. Paid a $120 dividend.

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

1. Issued an additional $675 of common stock.
2. Repaid $465 of its debt to the bank.
3. Earned revenues of $1,100 cash.
4. Incurred expenses of $500.
5. Paid dividends of $170.

What is Packard's retained earnings account balance at the end of Year 1 before the process of closing the accounts has been undertaken?

a) $630

b) $0

c) $510

d) $730