Nash Industries manufactures sump pumps. Its most popular product is called the Super Soaker, which has a retail price of $1,090 and costs $540 to manufacture. It sells the Super Soaker on a standalone basis directly to businesses. Nash also provides installation services for these commercial customers, who want an emergency pumping capability (with regular and back-up generator power) at their businesses. Nash also distributes the Super Soaker through a consignment agreement with Menards. Income data for the first quarter of 2020 from operations other than the Super Soaker are as follows. Revenues Expenses $10,133.000 7.498.000 Nash has the following information related to two Super Soaker revenue arrangements during the first quarter of 2020. 1. Nash sells 30 Super Soakers to businesses in flood-prone areas for a total contract price of $50,400. In addition to the pumps, Nash also provides installation (at a cost of $150 per pump). On a standalone basis, the fair value of this service is $210 per unit installed. The contract payment also includes a $11 per month service plan for the pumps for 3 years after installation (Nash's cost to provide this service is $7 per month). The Super Soakers are delivered and installed on March 1, 2020, and full payment is made to Nash. Any discount is applied to the pump/installation bundle. Nash ships 270 Super Soakers to Menards on consignment. By March 31, 2020, Menards has sold two-thirds of the consigned merchandise at the listed price of $1.090 per unit. Menards notifies Nash of the sales, retains a 5% commission, and remits the cash due Nash. 2. (a) Your answer is incorrect Determine Nash Industries' 2020 first-quarter net income. (Ignore taxes.) Net income 1