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  3. packard company engaged in the following transacti

Packard Company engaged in the following transactions during Year 1, its first year of operations....

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Accounting

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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) Paid a $190 dividend. During Year 2, Packard engaged in the following transactions. (Assume all transactions are cash transactions.) 1) Issued an additional $1,025 of common stock. 2) Repaid $710 of its debt to the bank. 3) Earned revenues of $1,450 cash. 4) Incurred expenses of $640. 5) Paid dividends of $240. What was the amount of total stockholders' equity on Packard's balance sheet at the end of Year 1? Multiple Choice $2,370 O O $2,560 O $1,460 O $390

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