Monty Corp. was started on May 1. A summary of May transactions is presented as follows. 1. 2. 3. 4. 5. 6. 7. Stockholders invested $12,500 cash in the business in exchange for common stock. Purchased equipment for $5,000 cash. Paid $500 cash for May office rent. Paid $700 cash for supplies. Incurred $200 of advertising costs in the Beacon News on account. Received $5,000 in cash from customers for repair service. Declared and paid a $1,500 cash dividend. Paid part-time employee salaries $1,000. Paid utility bills $130. Performed repair services worth $920 on account. Collected cash of $140 for services billed in transaction (10). 8. 9. 10. 11. From an analysis of the Retained Earnings columns, compute the net income or net loss for May. Monty Corp. Income Statement For the Month Ended May 31 $ Net Income /(Loss) $