Pina Colada Corp. was started on May 1. A summary of May transactions is presented as follows. 1. Stockholders invested $21,000 cash in the business in exchange for common stock. Purchased equipment for $4,000 cash. 3. Paid $300 cash for May office rent. 4. Paid $500 cash for supplies. 5. Incurred $150 of advertising costs in the Beacon News on account. 6. Received $5,700 in cash from customers for repair service. 7. Declared and paid a $1,100 cash dividend. 8. Paid part-time employee salaries $1,000. 9. Paid utility bills $140. 10. Performed repair services worth $1,070 on account. 11. Collected cash of $140 for services billed in transaction (10). From an analysis of the Retained Earnings columns, compute the net income or net loss for May. Pina Colada Corp. Income Statement May 31