Connie Young, an architect, opened an office on October 1, 20Y4. During the month, she completed the following transactions connected with her professional practice: Transferred cash from a personal bank account to an account to be used for the business, $36,000. Paid October rent for office and workroom, $2,400. Purchased used automobile for $32,800, paying $7,800 cash and giving a note payable for the remainder. Purchased office and computer equipment on account, $9,000. Paid cash for supplies, $2,150. Paid cash for annual insurance policies, $4,000. Received cash from client for plans delivered, $12,200. Paid cash for miscellaneous expenses, $815. Paid cash to creditors on account, $4,500. Paid $5,000 on note payable. 4. Determine the net income or net loss for October