James Company experienced the following events during its accounting period: (1) Purchased $10,000 of inventory on account. (2) Returned $2,000 of inventory purchased in Event 1. (3) Paid the remaining balance in account payable for the inventory purchased in Event 1. (4) Sold inventory purchased in Event 1 for $10,000 to customers on account. At the end of the first accounting period what would be reported on the Income Statement for net income