Exercise 4-1 Presented below are changes in all the account balances of Fritz Mayhew Furniture Co. during the current year, except for retained earnings. Increase Increase (Decrease) (Decrease) Cash $79,000 Accounts Payable (51,000) Accounts Receivable (net) 45,000 Bonds Payable 82,000 Inventory 127,000 Common Stock 125,000 Investments (47,000) Pald-In Capital in Excess of Par-Common Stock 13,000 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 $19,000 which was paid in the current year. Net Income