E$4\mathrm{.}5($LO $5)($Calculation of Net Income$)$ The following are all changes in the account balances of

Chili Lime Ltd$.$ during the current year, except for Retained Earnings:

Instructions

Calculate the net income for the current year, assuming that there were no entries in the Retained Earnings

account except for net income and a dividend declaration of $$16,000,$ which was paid in the current year.