Jing Company was started on January 1, Year 1 when it issued common stock for $30,000 cash. Also, on January 1, Year 1 the company purchased office equipment that cost $15,400 cash. The equipment was delivered under terms FOB shipping point, and transportation cost was $1,500. The equipment had a five-year useful life and a $5,900 expected salvage value. Assume that Jing Company earned $19,000 cash revenue and incurred $12,000 in cash expenses in Year 3. Using straight-line depreciation and assuming that the office equipment was sold on December 31, Year 3 for $9,500, the amount of net income or (loss) appearing on the December 31, Year 3 income statement would be: Multiple Choice ($1,100). $3,100. $4,000. $3,900.