X Company prepares monthly financial statements. The following transactions occurred on October 1:

• paid the premium for the first year of a $6,000, five-year insurance policy,
• paid cash for equipment that cost $20,000; the equipment has a life of four years and salvage value at that time of $2,000, and
• borrowed $24,000 from a bank, to be repaid on December 31 along with interest of $100 per month.

The accountant made entries to record the transactions on October 1 and the adjustments on October 31.

What was the combined effect of the October 1 and October 31 entries on October Net Income?