Hal Smith opened Smiths Repairs on March 1 of the current year. During March the

Hal Smith opened Smiths Repairs on March 1 of the current year. During March the following transactions occurred and were recorded in the companys books:1. Smith invested $28000 cash in the business.2. Smith contributed $106000 of equipment to the business.3. The company paid $2600 cash to rent office space for the month.4. The company received $19000 cash for repair services provided during March.5. The company paid $6800 for salaries for the month.6. The company provided $3600 of services to customers on account.7. The company paid cash of $560 for monthly utilities.8. The company received $3700 cash in advance of providing repair services to a customer.9. Smith withdrew $5600 for his personal use from the company.Based on this information net income for March would be: $12640.incorrect $16340. $7040. $10740. $16440.