Presented below are changes in all the account balances of Jackson Furniture Co. during the current year, except for retained earnings.
- Cash $69,000
- Accounts Receivable (net) $45,000
- Inventory $127,000
- Investments ($47,000)
- Accounts Payable ($51,000)
- Bonds Payable $82,000
- Common Stock $125,000
- Additional Paid-In Capital $13,000
Compute the net income for the current year, assuming that there were no entries in the Retained Earnings account except for the net income and a dividend declaration of $24,000 which was paid in the current year.