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Question - Candy Company engaged in the following transactions during the current year:
1) Started the business by issuing $8,500 of common stock for cash.
2) The company paid cash to purchase $4,500 of inventory.
3) The company sold inventory that cost $2,500 for $6,500 cash.
4) Operating expenses incurred and paid during the year, $3,100.
Required - What the Candy's net income for the year?
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