- Ahmad deposited $8,000 into a new checking account for his new business and recorded the capital contribution. - Paid $5,000 cash for equipment to be used for plumbing repairs. - Borrowed $10,000 from a local bank and deposited the money in the checking account - Paid $1,100 rent for the year. - Paid $300 cash for plumbing supplies to be used in future. - Completed a plumbing repair project for a local lawyer and received $4,000 cash. Calculate the net income. Select one: O $3,700 $2,900 O $1,100 $4,000 $3,200