Presented below are changes in all the account balances of Jackson Furniture Co. during the current year, except for retained earnings. Cash $69,000 Accounts Receivable (net) $45,000 Inventory $127,000 Investments ($47,000) Accounts Payable ($51,000) Bonds Payable $82,000 Common Stock $125,000 Additional Paid-In Capital $13,000 Compute the net income for the current year, assuming that there were no entries in the Retained Earnings account except for the net income and a dividend declaration of $24,000 which was paid in the current year