From an analysis of the retained earnings, compute the net income or net loss for May using the table given.

Problem 1-1A Fredonia Repair Inc. was started on May 1. A summary of May transactions is presented below. 1.Stockholders invested $24,500 cash in the business in exchange for common stock 2. Purchased equipment for $4,500 cash. 3. Paid $200 cash for May office rent. 4. Paid $600 cash for supplies. 5.Incurred $350 of advertising costs in the Beacon News on account. 6. Received $4,900 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 $130. 10. Performed repair services worth $990 on account. 11. Collected cash of $100 for services billed in transaction (10). Fredonia Repair Inc Income Statement For the Month Ended May 31 1,000 Net Income / (Loss)