Keys Company showed the following account balances at the end of its first year (assume all accounts have normal balances):

Cash $ 2,000

Equipment 5,000

Depreciation expense 3,000

Service Revenue 18,000

Prepaid insurance 3,500

Accumulated Depreciation

--Equipment 2,000

Salaries and Wages expense 5,000

Accounts receivable 2,500

Accounts payable 2,000

Rent expense 2,500

Notes payable 3,000

Common stock 1,000

Unearned Service Revenue 2,000

Dividends 500

Insurance expense 3,000

Interest expense 1,000

Net income for the first year is: