Nelson Company experienced the following transactions during Year 1, its first year in operation. 1. Acquired $9000 cash by issuing common stock. 2. Provided $5300 of services on account. 3. Paid $2350 cash for operating expenses. 4. Collected $3400 of cash from customers in partial settlement of its accounts receivable. 5. Paid a $250 cash dividend to stockholders. What is the amount of net income that will be reported on the Year 1 income statement?
A. $2950.
B. $2150.
C. $2700.
D. $1900.
Answer: A
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