The following information was drawn from the accounting records of Wyckoff Company as of December 31, 2016, before the temporary accounts had been closed. The Cash balance was $3,600, and Notes Payable amounted to $4,000. The company had revenues of $7,500 and expenses of $3,400. The company's Land account had a $8,000 balance. Dividends amounted to $1,000. There was $2,000 of common stock issued. Assuming that Wyckoff's beginning balance (as of January 1, 2016) in the Retained Earnings account was $2,500, determine its balance after the temporary accounts were closed at the end of 2016. What amount of net income would Wyckoff Company report on its 2016 income statement?
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