The following are the operational transactions related to Melody's Piano School for the month of May: - Provided $1,250 of piano lessons to students who paid in cash. - Provided $980 of piano lessons on account. - Collected $735 from students who took piano lessons during April. - Paid April's piano rental bill of $550. - Received May's piano rental bill of $600 and set it aside for payment in June. Assuming the company uses accrual basis accounting, what is net income for May? Multiple Choice $1,630 $1,435 $2,265 $735