New Labs co. had the following transactions in August: Earned $2,000 as revenues on account; collected $5,000 from a customer for goods sold last month; incurred $600 of repair expense and paid cash; paid $200 to a supplier that it owed from the previous month. What is the net income in August? Select one: O $2,400 O $500 O $1,400 O $5,700 O $2,700