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Nelson Company experienced the following transactions during Year 1, its first year in...

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Accounting

Nelson Company experienced the following transactions during Year 1, its first year in operation.
Acquired $9,600 cash by issuing common stock.
Provided $5,900 of services on account.
Paid $2,500 cash for operating expenses.
Collected $3,700 of cash from customers in partial settlement of its accounts receivable.
Paid a $280 cash dividend to stockholders.
What is the amount of net income that will be reported on the Year 1 income statement?
Multiple Choice
$3,400
$3,120
$2,480
$2,200
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