The following pre$-$closing accounts and balances were drawn from the records of Carolina Company on December $31,$ Year $1$:

Cash $ $5,600$ Accounts receivable $ $5,000$

Dividends $3,600$ Common stock $5,500$

Land $4,800$ Revenue $4,800$

Accounts payable $2,600$ Expense $3,000$

Retained earnings $7,500$

What is the amount of net income that will be reported on the Year $1$ income statement?

Multiple Choice

$$3,000$

$$1,800$

$$4,800$

$$1,000$