Nelson Company experienced the following transactions during Year 1, its first year in operation. 7 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. 8 015300 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 $3,400 $2.480 $3,120 $2.200. K Prev7 of 50 Next>