Presented below are changes in the account balances of Sheridan Company during the year, except for retained earnings. Increase (Decrease) Increase (Decrease) Cash $28,600 Accounts payable $33,100 Accounts receivable (net) (19,200) Bonds payable (17,200) Inventory 50,000 Common stock 60,300 Plant assets (net) 48,900 Paid-in capital 17,900 The only entries in Retained Earnings were for net income and a dividend declaration of $16,800. (a) Compute the net income for the current year. Net income $
