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		$90,000			Accounts payable		$(78,000	)
Accounts receivable (net)		70,000			Unearned revenue		27,000
Inventory		167,000			Bonds payable		86,000
Investments in FV-NI securities		(25,000	)		Common shares		120,000
					Contributed surplus		77,000

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 $16,000, which was paid in the current year.