PRINTER Exercise 4-6 Pronghorn Video Company, a sole proprietorship, had the following information for 2017: Cash balance, January 1 $20,000 Total assets, December 31 Accounts receivable, January 1 16,000 Cash balance, December 31 Collections from customers during year 208,000 Accounts receivable, December 31 Capital account balance, January 1 38,000 Merchandise taken for personal use Total assets, January 1 63,000 Total liabilities, December 31 Cash investment added by sole proprietor, July 1 3,500 $106,000 17,000 35,000 8,000 44,000 Calculate the net income for 2017. Net income