Packard Company engaged in the following transactions during Year 1, its first year of operations: (Assume all transactions are cash transactions.) 1) Acquired $1050 cash from the issue of common stock. 2) Borrowed $520 from a bank. 3) Earned $700 of revenues. 4) Paid expenses of $270. 5) Paid a $70 dividend. During Year 2, Packard engaged in the following transactions: (Assume all transactions are cash transactions.) 1) Issued an additional $425 of common stock. 2) Repaid $290 of its debt to the bank. 3) Earned revenues of $850. 4) Incurred expenses of $400. 5) Paid dividends of $120. What was the balance of Packard's Retained Earnings account before closing in Year 1?
A. $360
B. $450
C. $0
D. $430
Answer: C
Business
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