A company started the year with the following: Assets $103,000; Liabilities $33,000; Common Stock $63,000; Retained Earnings $7,000. During the year, the company earned revenue of $5,300, all of which was received in cash, and incurred expenses of $3,150, all of which were unpaid as of the end of the year. In addition, the company paid dividends of $1,300 to owners. Assume no other activities occurred during the year.

What was the amount of net income for the year?

$2,150

$5,300

$1,300

$3,150