On December 1, Kate Holmes opened a speech and hearing clinic. During December, her firm had the following transactions involving revenue and expenses.

Paid $2,750 for advertising.

Provided services for $2,450 in cash.

Paid $730 for telephone service.

Paid salaries of $2,250 to employees.

Provided services for $2,650 on credit.

Paid $380 for office cleaning service.

Did the firm earn a net income or incur a net loss for the period? What was the amount?