Compute the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and a divided declaration of $19,000 which was paid in the current year.

(computation of Net Income) Presented below are changes in all the account balances of Fritz Reiner 5-1 re Co. during the current year, except for retained earnings. Increase Increase (Decrease) (Decrease) $(61,000) Accounts Payable 79,000 Cash 82,000 Bonds Payable 45,000 Accounts Receivable (net) 125,000 Common Stock 127,000 Inventory (47,000) Additional Paid-in Capital 13,000 Investments