Exercise 4-01 Presented below are changes in all the account balances of Crane Furniture Co. during the current year, except for retained earnings. Increase Increase (Decrease) (Decrease) Cash $70,950 Accounts Payable $(52,750) Accounts Receivable (net) 51,900 Bonds Payable 84,450 Inventory 133,400 Common Stock 127,500 Investments (48,040) Paid-In Capital in Excess of Par-Common Stock 15,030 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 $25,480 which was paid in the current year. Net income