Presented below are changes in the account balances of Ennis Company during the year, except for retained earnings. Increase Increase (Decrease Cash (Decrease $25,000 Accounts receivable (net) Accounts payable $35,000 (13,000) Bonds payable (20,000) Inventory 52,000 Common stock 88,000 Plant Assets (net) 37,000 The only entries in the Retained Earnings account were for net income and a dividend declaration in the amount of $10,000. Required: Determine the net income for the year. Show all supporting calculations