Nelson Company experienced the following transactions during Year 1, its first year in operation. 1. Issued $9,600 of common stock to stockholders 2. Provided $5.900 of services on account 3. Paid $2,500 cash for operating expenses. 4. Collected $3,700 of cash from accounts receivable. 5. Paid a $280 cash dividend to stockholders. The amount of net income recognized on Nelson Company's Year 1 income statement is: Multiple Choice $2.480 $3120 $2.200