Nelson Company experienced the following transactions during 2016, its first year in operation.

1. Issued $12,000 of common stock to stockholders.

2. Provided $4,600 of services on account.

3. Paid $3,200 cash for operating expenses.

4. Collected $3,800 of cash from accounts receivable.

5. Paid a $200 cash dividend to stockholders.

The amount of net income recognized on Nelson Company's 2016 income statement is: