Alpaca Corporation had revenues of $200,000 in its first year of operations. The company has not collected on $19,900 of its sales and still owes $25,600 on $70,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $11,500 in salaries. Owners invested $19,000 in the business and $19,000 was borrowed on a five-year note. The company paid $2,200 in interest that was the amount owed for the year, and paid $8,000 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. Multiple Choice $67,380 $112,300 O $130,000 $64,980 O