Melody's Prano School operations for the month of May were limited to the following transactions: Provided $400 of plano lessons to students who paid in cash. Provided $300 of plano lessons on account. Collected $225 from students who took plano lessons during April. Paid April's plano rental bill of $125. Received May's plano rental bill of $175 and set it aside for payment in June. Assuming that the company uses cash basis accounting, what is net Income for May? Multiple Choice $525 O $230 5650 O S500