Tri Fecta, a partnership, had revenues of $370,000 in its first year of operations. The partnership has not collected on $45,200 of its sales and still owes $38,600 on $180,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $30,800 in salaries. The partners invested $45,000 in the business and $20,000 was borrowed on a five-year note. The partnership paid $1,800 in interest that was the amount owed for the year and paid $8,900 for a two-year insurance policy on the first day of business. Compute net income for the first year for Tri Fecta. Multiple Choice 0 $ 180,000 O $190,000 0 $ 152,950 158,950 0 $ 231,500