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

		Increase (Decrease)					Increase (Decrease)
Cash		$69,540			Accounts Payable		$(52,700	)
Accounts Receivable (net)		51,580			Bonds Payable		84,190
Inventory		134,000			Common Stock		125,200
Investments		(47,520	)		Paid-In Capital in Excess of ParCommon Stock		15,580

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 $26,830 which was paid in the current year.