Presented below are changes in all the account balances of Chris Park Furniture Co. during the current year, except for retained earnings. Increase (Decrease) Cash $252,800, Accounts Receivable (net) 144,000, Inventory 406,400, Investments (150,400). Increase (Decrease) Account Payable $(163,200), Bonds Payable 262,400, Common Stock 400,000, Additional Paid-in Capital 41,600. Instructions: 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 $60,800 which was paid in the current year.