Riley Company borrowed $36,000 on April 1. Year 1 from Titan Bank. The note issued by Rhey carried a one year term and annual interest rate. Riley earned cash revenues of $1,020 during Year 1 and $950 during Year 2. Assume no other transactions Based on this information alone, what is the amount of net income foss) that will be reported on the Year 2 income statement? Multiple Choice $450 $1,400 $(50) $500