Exercise 4-1 Presented below are changes in all the account balances of Sandhill Furniture Co. during the current year, except for retained earnings. Increase (Decrease) Increase (Decrease) Cash $69,280 Accounts Payable $(52,960 ) Accounts Receivable (net) 51,600 Bonds Payable 83,030 Inventory 136,700 Common Stock 130,000 Investments (48,710 ) Paid-In Capital in Excess of ParCommon Stock 14,690 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 $24,030 which was paid in the current year. Net income $