X Company, a merchandiser, started business on June 1. The following were June transactions: Received $94,000 from a group of investors. Bought $8,615 of merchandise, $3,715 for cash and $4,900 on account. Sold merchandise for $22,000, of which $17,084 was for cash and $4,916 was on account; Cost of Goods Sold was 58% of sales. Paid $3,813 to suppliers for merchandise previously bought on account. Paid wages of $5,970. Collected $2,606 from customers on account. Paid $5,900 for rent in advance.

6. What was net income in June?