Alpaca Corporation had revenues of exist280,000 in its first year of operations. The company has not collected on exist18, 100 of its sales and still owes exist26, 900 on exist80,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid exist13,000 in salaries. Owners invested exist30,000 in the business and exist30,000 was borrowed on a five-year note. The company paid exist3, 700 in interest that was the amount owed for the year, and paid exist5, 500 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. exist180, 550 exist200,000 exist108, 330 exist119, 680