Presented below are changes in the account balances of PingCompany during the year, except for retained earnings.

Increase Increase

(Decrease) (Decrease)

Cash $25,000 Accounts payable $35,000

Accounts receivable (net) (13,000) Bonds payable (20,000)

Inventory 54,000 Common stock 75,000

Plant Assets (net) 57,000 Paid-in capital 16,000

The only entries in Retained Earnings were for net income and adividend declaration of $15,000.

Compute the net income for the current year using the Capital Maintenance method of income computation.