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 current year.

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45,000 Accounts Payable Bonds Payable 127,000 (47,000) Share Capital-Ordinary Increase (Decrease) (51,000) 82,000 138,000 Cash Accounts Receivable (net) Inventory Investments Increase (Decrease) 69,000