IS 1-3 pointi Help Save & Exit Submit Nelson Company experienced the following transactions during Year 1 its first year in operation 1. Acquired $7.400 cash by issuing common stock 2. Provided $3,700 of services on account. 3. Paid $1,950 cash for operating expenses 4. Collected $2,600 of cash from customers in partial settlement of its accounts receivable. 5. Paid a $170 cash dividend to stockholders What is the amount of net income that will be reported on the Year 1 income statement Multiple Choice SUOO $1.580 O $450 search O *> $ E s 6:30 PM 10/3/2020 Dr. Thatgolla 11 75- 0255 Lom customers in partial settlement of its accounts receivable. 5. Paid a $170 cash dividend to stockholders. What is the amount of total assets that will be reported on the balance sheet as of December 31, Year 1 Multiple Choice $7,880 $8,980 $9,150 $8.220. Stockholders What is the balance of the retained earnings that will be reported on the balance sheet as of December 31, Year 1? Multiple Choice $1,270 $1,580 $1,750 O $8.980. 4