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Alpaca Corporation had revenues of $210,000 in its first year of operations. The company has not collected on $20,000 of its sales and still owes $26,600 on $80,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $15,000 in salaries. Owners invested $18,000 in the business and $18,000 was borrowed on a five-year note. The company paid $4,200 in interest that was the amount owed for the year, and paid $6,500 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 $73,010 $75,285 $107,550 $130,000