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

                                                 Increase                                                               Increase

                                               (Decrease)                                                           (Decrease)

Cash                                        $ 79,000          Accounts Payable                    $(51,000)

Accounts Receivable (net)       45,000          Bonds Payable                            82,000

Inventory                                 127,000          Common Stock                         125,000

Investments                             (47,000)           Additional Paid-in Capital        13,000

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 $19,000 which was paid in the current year.