Presented below are changes in all the account balances of Sunland Furniture Co. during the current year, except for retained earnings.
Increase (Decrease) Increase (Decrease)
Cash $70,220 Accounts Payable $(53,000 )
Accounts Receivable (net) 50,700 Bonds Payable 83,800
Inventory 135,200 Common Stock 125,600
Investments (48,240 ) Paid-In Capital in Excess of Par—Common Stock 14,220
Required:
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 $24,020 which was paid in the current year.