Using the data below, compute NET INCOME.

Wages Expense 200

Cash 220

Income Tax Expense 240

Prepaid Insurance Expense 120

Interest Expense 300

Interest Revenue 500

Unearned Rent Revenue 150

Accounts Payable 600

Inventory 800

Cost of Goods Sold 1,600

Sales Revenue 3,000

Note: Unearned revenue is an obligation to deliver a service that has not yet been delivered but for which the customer has already paid. Prepaid Insurance Expense is the amount of insurance for which cash payment has already been made but which has not yet been used.

$2,790

1,160

$1,310

$2,760

$1,040