The following information applies to the questions displayed below Melody's Piano School operations for the month of May were limited to the following transactions: Provided $900 of piano lessons to students who paid in cash. Provided $700 of piano lessons on account. Collected $525 from students who took piano lessons during April Paid April's piano rental bill of $375. Received May's piano rental bill of $425 and set it aside for payment in June. What is Melody's Net Income for May using the accrual basis of accounting? $1, 175 $1, 1050, $1, 600 $525