Exercise 4-01 Presented below are changes in all the account balances of Vaughn Furniture Co. during the current year, except for retained earnings. Increase (Decrease) Cash $70,100 Accounts Receivable (net) 54,200 Inventory Investments 127,600 (47,180) Accounts Payable Bonds Payable Increase (Decrease) $(51,540) 84,180 Common Stock 131,400 Paid-In Capital in Excess of Par-Common Stock 13,630 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 dividend declaration of $24,470 which was paid in the current year. Net income