1.Duncan Manufacturing Company began operations on January 1, 2011. During the year, it started and completed 50 units. The company has the following transactions:

1)Acquired $30,000 cash by issuing common stock for cash

2)Paid $10,000 for materials.

3)Paid $6,000 for administrative salaries.

4)Paid $8,000 for wages of production workers.

5)Depreciation of office furniture $2,500.

6)Depreciation of manufacturing equipment $3,500.

7)Collected $28,000 in cash for sales of 45 units.

What is net income for the period?

a.$ 150

b.$1,500

c.$4,000

d.$4,250