Presented below are changes in all the account balances of Waterway Furniture Co. during the current year, except for retained earnings. Increase (Decrease) Increase (Decrease) Cash $69,770 Accounts Payable $(52,060 ) Accounts Receivable (net) 51,200 Bonds Payable 82,980 Inventory 129,700 Common Stock 127,000 Investments (48,280 ) Paid-In Capital in Excess of ParCommon Stock 14,130 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 $25,320 which was paid in the current year.