The following transactions occurred during a recent year: a. Paid wages of $700 for the current period (example). b. Borrowed $3,500 cash from local bank using a short-term note. c. Purchased $1,400 of equipment on credit. d. Earned $280 of sales revenue; collected cash. e. Received $560 of utilities services, on credit. f. Earned $1,200 of service revenue, on credit. g. Paid $210 cash on account to a supplier. h. Incurred $50 of travel expenses; paid cash. i. Earned $280 of service revenue; collected half in cash, with balance on credit. j. Collected $80 cash from customers on account. k. Incurred $220 of advertising costs; paid half in cash, with balance on credit. Required 2> Determine the company's preliminary net income