Presented below are changes in all the account balances of Bramble Furniture Co. during the current year, except for retained earnings. Increase (Decrease) Increase (Decrease) Cash $70,360 Accounts Payable $ (52,610) Accounts Receivable (net) 48,300 Bonds Payable 84,270 Inventory 133,900 Common Stock 134,700 Investments (47,730) Paid-In Capital in Excess of Par-Common Stock 13,220 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 $23,000 which was paid in the current year.
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