ABC Company had the following balances at the beginning of the accounting period: Common Stock $3,200 Retained Earnings $1,140 ABC Company had the following transactions during the accounting period: (assume all transactions are cash transactions) Issued Common Stock $4,800 Paid Cash Dividends $400 Sold Land $1,000 Incurred Operating Expenses $600 Paid Principal on Note Payable $400 Performed Services for Customers $500 What value would be reported for Net Income for this accounting period? -$100 $500 -$500 $1,140