Regent Plumbing Corporation provides plumbing services. Selected transactions of Regent Plumbing Corporation are described as follows: a) Received $7,000 cash and issued common stock to Sharon Regent. b) Paid $4,000 cash for equipment to be used for plumbing repairs. c) Borrowed $10,000 from a local bank and deposited the money in the checking account. d) Paid $800 rent for the year. e) Paid $500 cash for plumbing supplies to be used next year. c) Borrowed $10,000 from a local bank and deposited the money in the checking account. d) Paid $800 rent for the year. e) Paid $500 cash for plumbing supplies to be used next year. f) Completed a plumbing repair project for a local lawyer and received $3,000 cash. Calculate the net income. Assume plumbing supplies of $500 are left at the end of the accounting period.