XYZ Corporation, which uses accrual basis accounting, had the following events during the year:

The business 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

$11,000

None of the above