Presented below are changes in all the account balances of Jackson Furniture Co. during the current year, except for retained earnings.
Increase (Decrease)
Cash $79,470 Accounts Payable $(56,320)
Accounts Receivable (net) 47,480 Bonds Payable 88,330
Inventory 127,320 Common Stock 130,280
Investments (56,050) Additional Paid-in Capital 16,220
Compute 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 $26,580 which was paid in the current year.