Testbank Exercise 104 Presented below are changes in the account balances of Ivanhoe Company during the year, except for retained earnings. Increase (Decrease) Increase (Decrease) Cash $30,400 Accounts payable $32,900 Accounts receivable (net) (18,100) Bonds payable (20,500) Inventory Plant assets (net) 52,400 47,800 Common stock 63,500 Paid-in capital 15,900 The only entries in Retained Earnings were for net income and a dividend declaration of $17.200. (a) Compute the net income for the current year. Net income