Megan Brinks ran out of money at the end of the first semester of her sophomore year in college. She had to go to work, but she could not find a satisfactory job. However, since she had an automobile, she decided to go into business for herself. Consequently, she began Megan's Delivery Service with no assets other than the automobile, which had a fair market value of \(\$ 2,400\). She kept no accounting records; and now, at the year-end, she has engaged you to determine the net income earned by the service during its first year. You find that the service has a \(\$ 700\) year-end bank balance plus \(\$ 50\) of undeposited cash. Local stores owe the service \(\$ 125\) for delivering packages during the past month. In the last week of the year, Megan sold the automobile for \(\$ 1,350\), and used the cash proceeds to help buy a new delivery truck that cost \(\$ 6,800\). The service still owes a finance company \(\$ 4,000\) as a result of the truck's purchase. Also, when the truck was purchased, Megan borrowed \(\$ 1,500\) from her father to help make the down payment. The loan was made to the delivery service, was interest-free, and has not been repaid. Finally, since the service has been profitable from the beginning, Megan has withdrawn \(\$ 200\) of its earnings each week for the 52 weeks of its existence to pay personal living expenses.

Determine and present a calculation to prove the net income earned by the business during the first year of its operations.