On December 1, Kate Holmes opened a speech and hearing clinic. During December, her firm had the following transactions involving revenue and expenses. Paid $3,050 for advertising. Provided services for $2,750 in cash. Paid $790 for telephone service. Paid salaries of $2,550 to employees. Provided services for $2,950 on credit. Paid $440 for office cleaning service. Did the firm earn a net income or incur a net loss for the period? What was the amount?