Presented below are changes in all the account balances of Novak Furniture Co. during the current year, except for retained earnings. Increase (Decrease) Increase (Decrease) Cash $71,800 $(51,300) Accounts Receivable (net) Accounts Payable Bonds Payable 52,600 82,440 Inventory 127.200 Common Stock 134,100 Investments (47.970) Paid-In Capital in Excess of Par-Common Stock 14.970 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 $24,070 which was paid in the current year. Net income $