Nelson Company experienced the following transactions during Year 1, its first year in operation Issued $6,200 of common stock to stockholders Provided $2,500 of services on account Paid $1,650 cash for operating expenses Collected $2,000 of cash from accounts receivable Paid a $110 cash dividend to stockholders What is the net income that will be reported for Year 1? Multiple Choice $610 $850 O $740 $500