QUESTION 9 Packard Company engaged in the following transactions during Year 1, its first year of operations. (Assume all transactions are cash transactions.) 1) Acquired $950 cash from the issue of common stock 2) Borrowed $420 from a bank. 3) Earned S650 of revenues cash 4) Paid expenses of $250 5) Paid a S50 dividend. During Year 2, Packard engaged in the following transactions. (Assume all transactions are cash transactions.) 1) Issued an additional $325 of common stock 2) Repaid $220 of its debt to the bank. 3) Earned revenues of $750 cash. 4) Incurred expenses of $360. 5) Paid dividends of $100. The amount of total equity on Packard's balance sheet at the end of Year 1 is: $1,350 $900 $250 $1,300