Jing Company was started on January 1, Year 1 when it issued common stock for $44,000 cash. Also, on January 1, Year 1 the company purchased office equipment that cost $18,400 cash. The equipment was delivered under terms FOB shipping point, and transportation cost was $2,900. The equipment had a five-year useful life and a $6,900 expected salvage value. Assume that Jing Company earned $30,200 cash revenue and incurred $19,000 in cash expenses in Year 3. Using straight-line depreciation and assuming that the office equipment was sold on December 31, Year 3 for $10.500, the amount of net income or loss) appearing on the December 31, Year 3 Income statement would be: Multiple Choice O $6,160 53.2001