Fredonia Repair Inc. was started on May 1. A summary of May transactions is presented below. Stockholders invested $10,000 cash in the business in exchange for common stock. 1. Purchased equipment for $5,000 cash. 2. Paid $400 cash for May office rent. Paid $300 cash for supplies. 3. 4. Incurred $250 of advertising costs in the Beacon News on account. 5. Received $4,700 in cash from customers for repair service. 6. Declared and paid a $700 cash dividend. 7. 8. Paid part-time employee salaries $1,000. Paid utility bills $140. 9. Performed repair services worth $1,100 on account. Collected cash of $120 for services billed in transaction (10). 10. 11. From an analysis of the Retained Earnings mns, commpute the net income or het 1oss for Fredonia Repair Inc. Income Statement For the Year Ended May 31 Service Revenue %24 %24 %24