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 $ 5,000 cash for equipment to be used for plumbing repairs.

c) Borrowed $ 12,000 from a local bank and deposited the money in the checking account.

d) Paid $ 700 rent for the year.

e) Paid $ 400 cash for plumbing supplies to be used next year.

f) Completed a plumbing repair project for a local lawyer and received $ 5, 000 cash. Calculate the net income.

Assume plumbing supplies of $ 400 are left at the end of the accounting period.