Exercise 4-1 Presented below are changes in all the account balances of Vaughn Funiture Co. during the current year, except for retained earnings Increase Increase (Decrease) (Decrease) Cash $71,130 Accounts Payable $(51,500) Accounts Receivable (net) 54,700 Bonds Payable 84,040 Inventory 134,300 Common Stock 134,300 Investments (48,460) Paid-In Capital in Excess of Par- Common Stock 14,390 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 $28,050 which was paid in the current year. Net income