Jing Company was started on January 1, 2016 when it issued common stock for $28,000 cash. Also, on January 1, 2016 the company purchased office equipment that cost $15,200 cash. The equipment was delivered under terms FOB shipping point, and transportation cost was $1,300. The equipment had a five-year useful life and a $5,700 expected salvage value

Assume that Jing Company earned $17,400 cash revenue and incurred $11,000 in cash expenses in 2018. Using straight-line depreciation and assuming that the office equipment was sold on December 31, 2018 for $8,900, the amount of net income or (loss) appearing on the December 31, 2018 income statement would be:

($820).

$3,120.

$3,020.

$3,480.