28 DO 53 DO 7700mm 12. Packard Company engaged in the following transactions during Year 1, its first year of operations. (Assume all transactions are cash transactions.) 1) Acquired $1000 cash from the issue of common stock. 2) Borrowed $470 from a bank. 3) Earned $650 of revenues cash. 4) Paid expenses of $260. 5) Paid a $60 dividend. During Year 2, Packard engaged in the following transactions. (Assume all transactions are cash transactions.) 1) Issued an additional $375 of common stock. 2) Repaid $255 of its debt to the bank. 3) Earned revenues of $800 cash. 4) Incurred expenses of $380. 5) Paid dividends of $110. The amount of total equity on Packard's balance sheet at the end of Year 1 is: A) $330. B) $1390. C) $940. D) $1330