Alpaca Corporation had revenues of $250,000 in its first year of operations. The company has not collected on $19,900 of its sales and still owes $27,000 on $85,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $13,000 in salaries. Owners invested $16,000 in the business and $16,000 was borrowed on a five-year note. The company paid $3,600 ir interest that was the amount owed for the year, and paid $5,800 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 $165,000 O $98,560 O $87,300 O $145,500