Jing Company was started on January 1, Year 1 when it issued common stock for $26,000 cash. Also, on January 1, Year 1 the company purchased office equipment that cost $15,000 cash. The equipment was delivered under terms FOB shipping point, and transportation cost was $1,100. The equipment had a five-year useful life and a $5,500 expected salvage value Assume that Jing Company earned $15,800 cash revenue and incurred $10,000 in cash expenses in Year 3. Using straight-line depreciation and assuming that the office equipment was sold on December 31, Year 3 for $8,300, the amount of net income or (loss) appearing on the December 31, Year 3 income statement would be: Multiple Choice $3.060 1$540