New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect.

Presented below are changes in all the account balances of Concord Furniture Co. during the current year, except for retained earnings.

		Increase (Decrease)					Increase (Decrease)
Cash		$70,270			Accounts Payable		$(51,020	)
Accounts Receivable (net)		54,100			Bonds Payable		83,990
Inventory		128,900			Common Stock		132,100
Investments		(47,640	)		Paid-In Capital in Excess of ParCommon Stock		13,310

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 $27,000 which was paid in the current year.