Alpaca Corporation had revenues of $290,000 in its first year of operations. The company has not collected on $19,300 of its sales and still owes $26,300 on $80,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $12,000 in salaries. Owners invested $11,000 in the business and $11,000 was borrowed on a five-year note. The company paid $4,500 in interest that was the amount owed for the year, and paid $5,900 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.