Current Attempt in Progress Presented below are changes in the account balances of Blossom Company during the year, except for retained earnings. Increase (Decrease) Increase (Decrease) Cash $28,000 Accounts payable $32,000 Accounts receivable (net) (17,000) Bonds payable (20,000) Inventory 50,000 Common stock 60,000 Plant assets (net) 46.000 Paid-in capital 15,000 The only entries in Retained Earnings were for net income and a dividend declaration of $16.000. (8) Compute the net income for the current year. Net income $