Sing Company was started on January 1, Year 1 when it issued common stock for $31,000 cash. Also, on January 1 Year the company purchased office equipment that cost $15,500 cash The equipment was delivered under terms FOB shipping point and transportation cost was $1.600. The equipment had a five-year useful life and a $6,000 expected salvage value SOLES Assume that Jing Company earned $19.800 cash revenue and incurred $12.500 in cash expenses Year 3 Using straight line depreciation and assuming that the office equipment was sold on December 31 Year 3 for $9.800, the amount of net income or loss) appearing on the December 31. Year 3 income statement would be: Multiple Choice 0 O $4.260 ($1,340) 0 0 $4,440 e to search