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

		Increase (Decrease)					Increase (Decrease)
Cash		$70,140			Accounts Payable		$(52,210	)
Accounts Receivable (net)		52,900			Bonds Payable		82,530
Inventory		128,000			Common Stock		134,900
Investments		(48,240	)		Paid-In Capital in Excess of ParCommon Stock		13,110

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 $28,270 which was paid in the current year.