Nelson Company experienced the following transactions during Year 1, its first year in operation. 1. Issued $8,400 of common stock to stockholders. 2. Provided $4,700 of services on account. 3. Paid $2.200 cash for operating expenses. 4. Collected $3,100 of cash from accounts receivable. 5. Paid a $220 cash dividend to stockholders. The amount of net income recognized on Nelson Company's Year 1 income statement is