Tri Fecta, a partnership, had revenues of $370,000 in its first year of operations. The partnership has not collected on $46,100 of its sales and still owes $38,000 on $155,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $27,400 in salaries. The partners invested $46,000 in the business and $28,000 was borrowed on a five-year note. The partnership paid $2,800 in interest that was the amount owed for the year and paid $10,000 for a two-year insurance policy on the first day of business. Compute net income for the first year for Tri Fecta.

$ 179,800

$ 155,000

$ 255,200

$ 215,000