XYZ Corporation, which uses accrual basis accounting, had the following events during the year: The buisiness sold $10,000 of common stock to its stockholders. The business purchased land for $6,000, cash. Cash of $12,000 was received for services provided. Operating expenses of $5,000 were incurred and paid in cash. Dividends of $1,000 were paid to shareholders. The amount of net income to be reported is: $7,000 $6,000 511,000 None of the above