A company started the year with the following: Assets $102,000; Liabilities $32,000;

Common Stock $62,000; Retained Earnings $8,000.

During the year, the company earned revenue of $5,200, all of which was received in cash, and incurred expenses of $3,100, all of which were unpaid as of the end of the year. In addition, the company paid dividends of $1,200 to owners. Assume no other activities occurred during the year.

What was the amount of net income for the year?