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

Cash $$3,000$ Accounts receivable $$1,350$

Dividends $1,500$ Common stock $1,975$

Land $1,800$ Revenue $1,800$

Accounts payable $950$ Expense $1,050$

Retained earnings $3,975$

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