Alpaca Corporation had revenues of $220,000 in its first year of operations. The company has not collected on $19.400 of its sabes and slows $27000 on 590,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $0.500 in salanes. Owners invested S21000 in the business and $21,000 was borrowed on a five year note. The company paid $4 800 in interest that was the amount owed for the year and paint $5.400 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 $63.780 $65.400 S109000 5130000