The following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 1: $3,000 Accounts receivable Cash Dividends Land Accounts payable Retained earnings 1,500 Common stock 1,800 Revenue 950 3,975 Expense What is the amount of net income that will be reported on the Year 1 income statement? Multiple Choice $750 $550 $1,050 $1,800 $1,350 1,975 1,800 1,050