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