Packard Company engaged in the following transactions during Year 1, its first year of operations: (Assume all transactions are cash transactions.) 1) Acquired $1100 cash from the issue of common stock. 2) Borrowed $570 from a bank. 3) Earned $800 of revenues. 4) Paid expenses of $280. 5) Paid a $80 dividend. During Year 2, Packard engaged in the following transactions: (Assume all transactions are cash transactions.) 1) Issued an additional $475 of common stock. 2) Repaid $325 of its debt to the bank. 3) Earned revenues of $900. 4) Incurred expenses of $420. 5) Paid dividends of $130. The amount of assets on Packard's Year 2 balance sheet is
A. $530.
B. $2740.
C. $560.
D. $2610.
Answer: D
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