Tamarisk, Inc. was started on May 1. A summary of May transactions is presented as follows. 1. Stockholders invested $11,000 cash in the business in exchange for common stock. Purchased equipment for $4,000 cash. 2. 3. Paid $400 cash for May office rent. 4. Paid $500 cash for supplies. 5. Incurred $350 of advertising costs in the Beacon News on account. 6. Received $4,200 in cash from customers for repair service. 7. Declared and paid a $1,400 cash dividend. 8. Paid part-time employee salaries $1,000. Paid utility bills $140. 9. 10. Performed repair services worth $880 on account. 11. Collected cash of $130 for services billed in transaction (10). From an analysis of the Retained Earnings columns, compute the net income or net loss for May. Tamarisk, Inc. Income Statement For the Month Ended May 31 Service Revenue $ Expenses Rent Expense $ Advertising Expense Salaries and Wages Expense Utilities Expense Net Income /(Loss) $ e Texthook and Media