What is the atter closing amount of retained earnings that will be reported on Packard's balance sheet at the end of Year 2? (Assume that closing entries have been posted 00 Multiple Choice $1170 5900 anckard Company engaged in the following transactions during Year 1. Its first year of operations: (Assume all transactions are cash transactions.) Acquired $1,50 cash from the issue of common stock Borrowed $620 from a bank. Eamed $800 of revenues Pald expenses of $290 Paid a $90 dividend. During Year 2. Packard engaged in the following transactions: (Assume all transactions are cash transactions) lusued an additional $525 of common stock Repaid $360 of its debt to the bank Earned revenues of $950. Incuned expenses of $140. 5) Puld dividends of $140 Vluat is the after closing amount of retained earnings that will be reported on Packard's balance sheet at the end of Year 2? (Assume that closing entries ve been posted)