On May 1, Joseph Carpenter opened a printing business, Carpenter Printing Incorporated.Joseph invested $40,000 of his savings in exchange for capital stock of the business.

On May 2, Carpenter Printing rented office space and paid $5,500 for the May office rent.Comprehensive insurance is included in the rental contract.

On May 5, Carpenter Printing rented printing equipment and paid $3,000 for the May equipment rent.

On May 7, Carpenter Printing purchased supplies on account for $4,500, $2,000 of which will be unused at the end of May.

On May 9, Carpenter Printing printed and delivered $6,000 of brochuresfor the Casalasco Company.Casalasco Company paid Carpenter Printing $1,000 upon delivery on May 9, and will pay the balance on June 9.

On May 20, Hillyer Advertising Agency paid Carpenter Printing $10,000 in advance to print advertisements by June 5.The advertisements will be printed on June 3.

Assuming no further transactions, the Income Statement of Carpenter Printing Incorporated For the Month Ended May 31 shows ?

a.Net Loss of $4,500

b.Net Income of $5,500

c.Net Loss of $5,000

d.Net Income of $5,000