(The following information applies to the questions displayed below.) The following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 1: Cash Dividends Land Accounts payable Retained earnings $ 2,400 1,200 1,500 800 3,225 Accounts receivable Common stock Revenue Expense $ 1,200 1,675 1,500 900 What is the amount of net income that will be reported on the Year 1 income statement