The following are all changes in the account balances of Novak Ltd. during the current year, except for Retained Earnings: Increase (Decrease) Increase (Decrease) Cash $100,000 Accounts payable $(64,300) Accounts receivable (net) 60,000 Unearned revenue 24,000 Inventory 174,000 Bonds payable 70,300 Investments in FV-NI securities (28,000) Common shares 121,000 Contributed surplus 63,300 Calculate the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and a dividend declaration of $19,200, which was paid in the current year. Net income for the current year $