-LO#1-Prepare basic statements Saved Help Packard Company engaged in the following transactions during Year 1, its first year of operations. (Assume all transactions are cash transactions.) 1) Acquired $1,650 cash from the issue of common stock. 2) Borrowed $1,120 from a bank. 3) Earned $1,300 of revenues cash. 4) Paid expenses of $390. 5) Pald a $190 dividend. During Year 2, Packard engaged in the following transactions. (Assume all transactions are cash transactions.) 1) Issued an additional $1025 of common stock. 2) Repald $ 710 of its debt to the bank. 3) Earned revenues of $1,450 cash. 4) Incurred expenses of $640. 5) Paid dividends of $240. The amount of total equity on Packard's balance sheet at the end of Year 1 is