Stacey's Piano Rebuilding Company has been operating for one year. At the start of the second year, its income statement accounts had zero balances and its balance sheet account balances were as follows: $ $ Cash Accounts receivable Supplies Equipment Land Building 6,600 30, 200 1,450 9,800 7,700 26,700 Accounts payable Unearned revenue Long-term note payable Common stock Additional paid-in capital Retained earnings 9,100 3,740 47,300 1,620 6,480 14,210 a. Rebuilt and delivered five pianos in January to customers who paid $19,400 in cash. b. Received a $510 deposit from a customer who wanted her piano rebuilt. c. Rented a part of the building to a bicycle repair shop; received $890 for rent in January. d. Received $7,900 from customers as payment on their accounts. e. Received an electric and gas utility bill for $450 to be paid in February. f. Ordered $950 in supplies. g. Paid $1,640 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $920 tool (equipment) to use in the business in exchange for 110 shares of $1 par value stock. i. Paid $14,500 in wages to employees who worked in January. j. Declared and paid a $1,600 dividend (reduce Retained Earnings and Cash). k. Received and paid cash for the supplies in (f). E3-10 Part 3 3. Using the data from the T-accounts, amounts for the following at the end of January of the second year, were: Revenues Expenses Net income Assets = Liabilities + Stockholders' equity What is net income if Stacey's used the cash basis of accounting? Net income