Petras Company engaged in the following transactions during 2012, its first year in operations: (Assume all transactions are cash transactions) 1) Acquired $1,700 cash from the issue of common stock. 2) Borrowed $1,170 from a bank. 3) Earned $1,350 of revenues. 4) Paid expenses of $400. 5) Paid a $200 dividend. During 2013, Petras engaged in the following transactions: (Assume all transactions are cash transactions) 1) Issued an additional $1,075 of common stock. 2) Repaid $745 of its debt to the bank. 3) Earned revenues of $1,500. 4) Incurred expenses of $660. 5) Paid dividends of $250.

The amount of total equity on Petras' 2012 balance sheet is

$2,650.

$750.

$1,500.

$2,450.