A company started the year with the following: Assets $125,000; Liabilities $42,500;

Common Stock $72,500; Retained Earnings $10,000.

During the year, the company earned revenue of $6,600, all of which was received in cash, and incurred expenses of $3,800, all of which were unpaid as of the end of the year. In addition, the company paid dividends of $2,600 to owners. Assume no other activities occurred during the year.

What was the amount of net income for the year?

$3,800

$2,800

$2,600

$6,600

.