ABC Services reported the following transactions for February 2020: 1. The owner opened the business with a capital contribution of $23,500 cash and it was credited to Capital. 2. The business purchased office equipment for $11,500. The business paid $2,500 down and put the balance on a note payable. 3. The business paid a utility bill for $980 cash. 4. The business paid $2,000 cash for February rent. 5. The business had sales of $15,000 in February. Of these sales, 60% were cash sales, and the balance was credit sales. 6. The business paid $9,700 cash for office furniture. What is the net income for February 2020