Exercise 104

Presented below are changes in the account balances of Wenn Company during the year, except for retained earnings.

		Increase (Decrease)						Increase (Decrease)
Cash			$28,540			Accounts payable			$35,860
Accounts receivable (net)			(17,130)			Bonds payable			(22,600)
Inventory			51,060			Common stock			63,010
Plant assets (net)			46,890			Paid-in capital			16,480

The only entries in Retained Earnings were for net income and a dividend declaration of $17,030. (a) Compute the net income for the current year.