Computation of Net Income Presented below are changes in all account balances of Jackson Furniture Co. during the current year, except for retained earnings.

Instructions
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 £24,000 which was paid in the currentyear.

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Increase Increase (Decrease) (Decrease) Accounts Payable Bonds Payable Share Capital-Ordinary 138,000 £ (51.000) Cash £ 69,000 Accounts Receivable (net) 45,000 127,000 82,000 Inventory Investments (47,000)