TB MC Qu$.1-129($Algo$)$ Alpaca Corporation had revenues of$...$

Alpaca Corporation had revenues of $$230,000$ in its first year of operations. The company has not collected on $$19,000$ of its sales and still owes $$26,600$ on $$100,000$ of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $$13,000$ in salaries. Owners invested $$28,000$ in the business and $$28,000$ was borrowed on a five$-$year note. The company paid $$3,200$ in interest that was the amount owed for the year, and paid $$5,900$ 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

$$130,000$

$$75,530$

$$110,850$

$$77,595$