Presented below are changes in the account balances of Wenn Company during the year, except for retained earnings. Increase (Decrease) Increase (Decrease) Cash $29,910 Accounts payable $33,260 Accounts receivable (net) (17,710) Bonds payable (18,250) Inventory 51,760 Common stock 60,020 Plant assets (net) 46,640 Paid-in capital 15,940 The only entries in Retained Earnings were for net income and a dividend declaration of $16,930. (a) Compute the net income for the current year. Net income $