Jing Company was started on January 1, Year 1 when it issued common stock for $37,000 cash. Also, on January 1, Year 1 the company purchased office equipment that cost $16,100 cash. The equipment was delivered under terms FOB shipping point, and transportation cost was $2,200. The equipment had a five-year useful life and a $5,900 expected salvage value. Assume that Jing Company earned $24,600 cash revenue and incurred $15,500 in cash expenses in Year 3. Using straight-line depreciation and assuming that the office equipment was sold on December 31, Year 3 for $9,800, the amount of net income or (loss) appearing on the December 31, Year 3 income statement would be: