Problem 4-1 Rental Income and Expenses (LO 4.1) Dick owns a house that he rents to college students. Dick receives $800 per month rent and incurs the following expenses during the year: Real estate taxes Mortgage interest Insurance Repairs $1,250 1,500 425 562 1,500 Dick purchased the house in 1977 for $48,000. The house is fully depreciated. Calculate Dick's net rental income for the year, assuming the house was rented for a full 12 months. If an amount is zero, enter, "0. Rental income Expenses Real estate taxes Mortgage interest Insurance Repairs Association Dues Depreciation Net rental income (loss)