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Regent Plumbing Corporation provides plumbing services. Selected transactions of Regent Plumbing Corporation are described as follows: a) Received $6,000 cash and issued common stock to

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Regent Plumbing Corporation provides plumbing services. Selected transactions of Regent Plumbing Corporation are described as follows: a) Received $6,000 cash and issued common stock to Sharon Regent. b) Paid $5,000 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 $600 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 recelved $3,000 cash Calculate the net income. Assume plumbing supplies of $500 are left at the end of the accounting period A. $2,400 B. $2,500 C. $3,000 D. $100

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