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 $ 6,600 Accounts payable $ 9,300 Accounts receivable 30,300 Unearned revenue 2,940 Supplies 1,520 Long-term note payable 47,300 Equipment 10,400 Common stock 1,560 Land 7,600 Additional paid-in capital 6,240 Building 26,500 Retained earnings 15,580 Rebuilt and delivered five pianos in January to customers who paid $18,900 in cash. Received a $520 deposit from a customer who wanted her piano rebuilt. Rented a part of the building to a bicycle repair shop; received $870 for rent in January. Received $8,000 from customers as payment on their accounts. Received an electric and gas utility bill for $520 to be paid in February. Ordered $930 in supplies. Paid $2,040 on account in January. Received from the home of Stacey Eddy, the major shareholder, a $970 tool (equipment) to use in the business in exchange for 120 shares of $1 par value stock. Paid $14,900 in wages to employees who worked in January. Declared and paid a $2,100 dividend (reduce Retained Earnings and Cash). Received and paid cash for the supplies in (f). E3-10

Part 4 . What is net income if Staceys used the cash basis of accounting?