Nelson Company experienced the following transactions during 2016, its first year in operation.1. Issued $12,000 of common stock to stockholders.2. Provided $4,600 of services on account.3. Paid $3,200 cash for operating expenses.4. Collected $3,800 of cash from accounts receivable.5. Paid a $200 cash dividend to stockholders.The amount of net income recognized on Nelson Company’s 2016 income statement is:
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