Alpaca Corporation had revenues of $230,000 in its first year of operations. The company has not collected on $18,600 of its sales and still owes $25,400 on $90,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $11,000 in salaries. Owners invested $18,000 in the business and $18,000 was borrowed on a five-year note. The company paid $3,100 in interest that was the amount owed for the year, and paid $6,400 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 O O O $140,000 $94,650 $122,700 $85,890