Nelson Company experienced the following transactions during Year 1 , its first year in operation. 1. Acquired $7,200 cash by issuing common stock. 2. Provided $3,500 of services on account. 3. Paid $1,900 cash for operating expenses. 4. Collected $2,500 of cash from customers in partial settlement of its accounts receivable. 5. Paid a $160 cash dividend to stockholders. What is the amount of net income that will be reported on the Year 1 income statement