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

InstructionsCompute 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.

Increase (Decrease) $ 69,000 Increase (Decrease) $ (51,000) 82,000 125,000 13.000 Accounts Payable Bonds Payable Common Stock Paid-in Capital in Excess of Par-Common Stock Cash Accounts Receivable (net) 45,000 127,000 (47,000) Investments