Alpaca Corporation had revenues of $270,000 in its first year of operations. The company has not collected on $19.700 of its sales and still owes $26,000 on $75,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $14,500 in salaries Owners invested $30,000 in the business and $30,000 was borrowed on a five-year note. The company paid $3,500 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 O $124695 o O $195.000 o $133.990 O $173,850 Squeaky Shine provides car washing services in Jersey City, New Jersey. A three-month pass for automatic car wash sells for $65. which entities the customer for an unlimited number of car washes during the contract period. Squeaky Shine estimates that pass holders wash their cars equally throughout the three-month period. On December 1st, customers purchased $1.560 of the three month passes, with usage of the passes occurring evenly throughout the contract period. Required: 1. Prepare the journal entries that Squeaky Shine would record on December 1 and on December 31, 2021, with respect to this transaction 2. State the account titles and amounts that will be included in Squeaky Shine's 2021 income statement and balance sheet. Complete this question by entering your answers in the tabs below. Required 1 Required 2 State the account titles and amounts that will be included in Squeaky Shine's 2021 income statement and balance sheet Account Titles Amounts Income Statement and Balance Sheet Required 1 Required