xam 3 Help Required information (The following information applies to the questions displayed below Packard Company engaged in the following transactions during Year 1, its first year of operations: (Assume all Part 1 of 2 are cash transactions.) Acquired $1,000 cash from the issue of common stock. 2) Borrowed $470 from a bank. 3) Earned $650 of revenues. 4) Paid expenses of $260 5) Paid a $60 dividend. 2 During Year 2. Packard engeged in the following transactions: (Assume all ransactions are cash 1) Issued an additional $375 of common stock 2) Repald $255 of its debt to the bank. 3) Earned revenues of $800. 4) Incurred expenses of $380. 5) Paid dividends of $110 Whet was the balance of Peckard's Retoined Eernings account before closing in Year 1? 2