Alpaca Corporation had revenues of $210,000 in its first year of operations. The company has not collected on $19,300 of its sales and still owes $26,000 on $100,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company pold $11,500 in salaries Owners invested $17,000 in the business and $17,000 was borrowed on a fiveyear note. The company pald $2,100 in interest that was the amount owed for the year, and paid $7,500 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 for Alpaca Corporation Multiple Choice $64.855 $92,650 $110,000 $73,730