Aipaca Corporation had revenues of $260,000 in its first year of operations. The company has not collected on $18,200 of its sales and stili owes $26,400 on $100,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company pald $14,500 in salaries. Owhers invested $10,000 in the business and $10,000 was borrowed on a five-year note. The company paid $2,300 in interest that was the amount owed for the year, and paid $6,200 for a two-year insurance policy on the first day of business. Alpaca has an effective income tax rate of 30% Compute net income for the first year foc Alpaca Corporation. Muliple Choice 5140,100 5160.000 $140,100 $160,000 $95,900 $98,070