Nelson Company experienced the following transactions during Year 1, its first year in operation. Issued $12,000 of common stock to stockholders. Provided $4,600 of services on account. Paid $3,200 cash for operating expenses. Collected $3,800 of cash from accounts receivable. Paid a $200 cash dividend to stockholders. The amount of net income recognized on Nelson Company's Year 1 income statement is: