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Alpaca Corporation had revenues of $200,000 in its first year of operations. the company has not collected on $20,000 of its sales and still owes $25,000 on $70,000 of merchandise it purchased. the company had no inventory on hand at the end of the year. the company paid $15,000 in salaries. Owners invested $20,000 in the business and $20,000 was borrowed on a five-year note. the company paid $2,000 in interest that was the amount owed for the year, and paid $6,000 for a two-year insurance policy on the first day of business. Alpaca has an effective income tax rate of 40%. Compute net income for the first year for Alpaca Corporation. the Corporation provides Internet consulting services to a wide-range of customers. the company's fiscal year ends on December 31. For the year ended December 31, 2016, the company collected $1, 300,000 from regular customers and paid out $650,000 for various operating expenses (not including income taxes and restructuring costs). the following information also is available. Additional facts: Depreciation expense for 2016 totaled $70,000. There was no bad debt write offs during the year. Investments were sold during the year at a gain of $30,000. the company incurred restructuring costs of $200,000 in 2016, all of which were paid in cash as of year-end. the cash payment is in addition to the $650,000 paid for other operating expenses. the company's income tax rate Is 40% on all items of income or loss