QUESTIONS 10 poi Gyro Corporation had revenues of $400,000 in its first year of operations. The company has not collected on 540,000 of its sales and still owes $50,000 on $140,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $30,000 in salaries. Owners invested $40,000 in the business and $40,000 was borrowed on a five year note. The company paid $4,000 in interest that was the amount owed for the year, and paid $12.000 for a two-year insurance policy on the first day of business (Jan 1. 2018). Gyro has an effective income tax rate of 40%. Compute net income for the first year for Gyro Corporation. Arial 3 (12pt) TT TT Paragraph X DOO fr Mashups 91 T T25 LT MTH CSS 1 Paths Words:0 QUESTION 6 Save All Answers o _ 188 Desktop 68"F