SLO#1-Prepare basic statements Seved Help s 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 $1100 cash. 4) Incurred expenses of $500. 5) Paid dividends of $170 The amount of retained earnings on Packard's Year 2 balance sheet is