Penno Corporation recorded service revenues of $320,000 during the current year, of which $170,000 were on credit and $48,000 were for cash. Moreover, of the $272,000 credit sales, Penno collected $32,000 cash on those receivables before year-end. The company also paid $40,000 cash for wages during the year. Its employees also earned another $24,000 in wages during the last few weeks of the year, which were not yet paid at year-end. Required a. Compute the companys net income for the year. $Answer b. How much net cash inflow or outflow did the company generate during the year? $Answer