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

Increase (Decrease)	Increase (Decrease)
Cash	$28,970	Accounts payable	$35,150
Accounts receivable (net)	(18,080)	Bonds payable	(19,640)
Inventory	51,480	Common stock	62,000
Plant assets (net)	46,350	Paid-in capital	16,250

The only entries in Retained Earnings were for net income and a dividend declaration of $17,380. (a) Compute the net income for the current year. Net income$