Fredonia Repair Inc. was started on May 1. A summary of May transactions is presented below.

1.		Stockholders invested $15,500 cash in the business in exchange for common stock.
2.		Purchased equipment for $5,500 cash.
3.		Paid $200 cash for May office rent.
4.		Paid $600 cash for supplies.
5.		Incurred $300 of advertising costs in the Beacon News on account.
6.		Received $5,000 in cash from customers for repair service.
7.		Declared and paid a $1,000 cash dividend.
8.		Paid part-time employee salaries $1,000.
9.		Paid utility bills $140.
10.		Performed repair services worth $990 on account.
		11. Collected cash of $140 for services billed in transaction (10). Prepare a tabular analysis of the transactions. Revenue is called Service Revenue. From an analysis of the Retained Earnings columns, compute the net income or net loss for May.