X Company, a merchandising company, had the following transactions during 2020: Received $8,635 from new owners. Purchased $8,112 worth of merchandise on account from suppliers. Sold merchandise on account to customers for $11,884; the merchandise cost X Company $7,130. Paid $3,904 to suppliers for merchandise that X Company had previously purchased on account. Collected $3,244 from customers who had previously purchased merchandise on account. Bought equipment for $10,452 with a down payment of $5,457 and a $4,995 loan from the bank. Paid wages of $1,044. Recognized the expiration of $588 of prepaid rent.

What was Net Income in 2020?