The following are all changes in the account balances of Bridgeport Ltd. during the current year, except for Retained Earnings: Increase (Decrease) Increase (Decrease) Cash $80,000 Accounts payable $(83,800) Accounts receivable (net) 76,000 Unearned revenue 31,000 Inventory 169,000 Bonds payable 90,700 Investments in FV-NI securities (25,000) Common shares 126,000 Contributed surplus 82,800 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 $18,500, which was paid in the current year. Net income for the current year $