The following are all changes in the account balances of Whispering Winds Ltd. during the current year, except for Retained Earnings:

		Increase (Decrease	)				Increase (Decrease	)
Cash		$100,000			Accounts payable		$(75,600	)
Accounts receivable (net)		70,000			Unearned revenue		22,000
Inventory		170,000			Bonds payable		80,900
Investments in FV-NI securities		(25,000	)		Common shares		124,000
					Contributed surplus		74,600

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 $20,500, which was paid in the current year.