Melody's Piano School operations for the month of May were limited to the following transactions: Provided $750 of piano lessons to students who paid in cash. Provided $580 of piano lessons on account. Collected $435 from students who took piano lessons during April. Paid April's piano rental bill of $300. Received May's piano rental bill of $350 and set it aside for payment in June. Assuming that the company uses cash basis accounting, what is net income for May?