Astoria Co. had the following transactions during the month of August 2014:
- Cash received from bank loans was $20,000.
- Dividends of $9,500 were paid to stockholders in cash.
- Revenues earned and received in cash amounted to $33,500.
- Expenses incurred and paid were $26,000.
What amount of net income will be reported on an income statement for the month of August?
- $20,000.
- $7,500.
- $0.
- $33,500.