Geo Inc had the following account balances on December 31, Year 1 Accounts Payable $689 Service revenue 15,000 Sales discounts 2,000 Accounts Receivable 1,000 Rent expense 12,000 Cash 15,000 Equipment 10,000 Prepaid insurance 1,500 Notes Payable 3,000 Depreciation expense 3,000 Sales revenue 30,000 Deferred revenue 4,500 Salaries and Wages Expense 13,0 Determine the net income (loss) for year 1 O 1.$30,000 O 2. $23,000 O 3.$12,000 04.$15,000