Tri Fecta, a partnership, had revenues of $371,000 in its first year of operations. The partnership has not collected on $46,900 of its sales and still owes $38,500 on $155,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $29,100 in salaries. The partners invested $44,000 in the business and $21,000 was borrowed on a five-year note. The partnership paid $1,890 in interest that was the amount owed for the year and paid $8,100 for a two-year insurance policy on the first day of business. Compute net income for the first year for Tri Fecta. Multiple Choice $216,000 $180,960 $155,000 $255,090