Use the following information compiled for our company at the end of the current year to answer these questions:
Cash $1,900
Accounts receivable $3,200
Equipment $200
Vehicle $3,500
Accounts payable $2,000
Unearned revenue $700
Common stock $1,500
Retained earnings $3,500 (Balance as of January 1 of the current year)
Dividends $500
Service revenue $5,000
Salaries expense $2,500
Rent expense $400
Advertising expense $500
Calculate the dollar amount for net income on our current year’s income statement (December 31).