ACCOUNTING 2003

Silver Co sold merchandize to Bronze Co. on account, $23,000, terms 2/14, net 45. The cost of the merchandize sold is $18,500. Silver Co. issued a credit memorandum for $2,599 for merchandize returned that originally cost $1,900. The Bronze Co. paid the invoice within the discount period. What is the amount of net income earned by Silver Co. on the above transaction