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What is the amount of net income that will be reported on the Year 1 income statement?
The following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 1:
| Cash | $ | 3,600 | Accounts receivable | $ | 1,500 | ||
| Dividends | 1,800 | Common stock | 2,275 | ||||
| Land | 2,100 | Revenue | 2,100 | ||||
| Accounts payable | 1,100 | Expense | 1,200 | ||||
| Retained earnings | 4,725 | ||||||
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What is the amount of net income that will be reported on the Year 1 income statement?
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