Joe Jackson opened Jackson's Repairs, Inc. on March 1 of the current year. During March, the following transactions occurred and were recorded in the company's books: 1. Jackson invested $32,000 cash in the business. 2. Jackson contributed $107,000 of equipment to the corporation. 3. The company paid $2,700 cash to rent office space for the month. 4. The company received $23,000 cash for repair services provided during March. 5. The company paid $6,900 for salaries for the month. 6. The company provided $3,700 of services to customers on account. 7. The company paid cash of $1,200 for monthly utilities. 8. The company received $3,800 cash in advance of providing repair services to a customer. Based on this information, net income for March would be:

$20,500. $6,000. $15,900. $20,400. $7,700.