Exercise 2.9 (Algo) Computing net income or net loss. LO 2-4 On December 1, Karl Zant opened a speech and hearing clinic. During December, his firm had the following transactions involving revenue and expenses. Paid $2,450 for advertising. Provided services for $2,150 in cash. Paid $670 for telephone service. Paid salaries of $1,950 to employees. Provided services for $2,350 on credit. Paid $320 for office cleaning service. Did the firm earn a net income or incur a net loss for the period? What was the amount