Required information [The following information applies to the questions displayed below.) The following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 1: Cash Dividends Land Accounts Payable Retained earnings $1,600 800 1,100 600 2,225 Accounts Receivable Common Stock Revenue Expense $1,000 1,275 1,100 700 What is the amount of net income that will be reported on the Year 1 income statement? Multiple Choice O $400. O O $700. O $1,100. O $200