TB MC Qu. 1-122 (Algo) Alpaca Corporation had revenues of... Alpaca Corporation had revenues of $270,000 in its first year of operations. The company has not coflected on 510.500 of ths soles und sim owes $25,500 on $90.000 of merchandise it purchased. The company had no urventory on hand at the ene or the year. The compaily paid 514.500 in salaries. Owners invested $12.000 in the business and $12.000 was borrowed on a five year note. The compary paid $2,400 in inceresthat wis the amount owed for the year. and paid $6,200 for a two year insurance policy on the first day of business. Alpaca has an etfective incone tiak iate of 30% Compute net income for the first year for Alpaca Corporation. Multiple Choice $109,830 $160,000 $112,000 $180,000