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Presented below are changes in all the account balances of Waterway Furniture Coduring the current year, except for retained earnings Increase (Decrease) Increase (Decrease $(51,500 Cash $71.130 Accounts Payable Accounts Receivable (net) 54.700 Bonds Payable 84,040 Inventory 134.300 Common Stock 134,300 Investments 148.460) 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