On January $1,$ Year $1,$ Jing Company purchased office equipment that cost $$35,400$ cash. The equipment was delivered under terms FOB shipping point, and transportation cost was $$3,400.$ The equipment had a five$-$year useful life and a $$10,600$ expected salvage value.

Assume that Jing Company earned $$37,000$ cash revenue and incurred $$26,000$ in cash expenses in Year $3.$ The company uses the straight$-$line method. The office equipment was sold on December $31,$ Year $3$ for $$17,400.$ What is the company$$s net income $($loss$)$ for Year $3?$

Multiple Choice

$($$$5,480)$

$$5,480$

$$880$

$$6,520$