Shelby Partnership had revenues of $375,000 in its first year of operations. The partnership has not collected on $46,000 of Its sales and still owes $38,500 on $195,000 of merchandise it purchased. There was no Inventory on hand at the end of the year. The partnership paid $28,600 In salaries. The partners Invested $44,000 in the business and $29,000 was borrowed on a five-year note. The partnership paid $2,610 In Interest that was the amount owed for the year and paid $9,100 for a two-year Insurance policy on the first day of business. Compute net income for the first year for Shelby Partnership. Multiple Choice $195,000 $144.240 $220,310 $180,000