Alpaca Corporation had revenues of $260.000 in its first year of operations. The company has not collected on $18,200 of its sales and still owes $25,700 on $95,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $10,500 in salaries Owners invested 519,000 in the business and $19,000 was borrowed on a five-year note. The company paid $4800 in interest that was the amount owed for the year, and paid $5,700 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 $ 165,000 $ 111.300 $ 102,795 $ 146.850