Alpaca Corporation had revenues of $270,000 in its first year of operations. The company has not collected on $19,400 of its sales and still owes $26,100 on $100,000 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 $4,400 in interest that was the amount owed for the year, and paid $6,300 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 $170,000 $151,450 $114,810