Tri Fecta, a partnership, had revenues of $372.000 in its first year of operations. The partnership has not collected on $45,900 of its sales and still owes $38,900 on $200,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $31,900 in salaries. The partners invested $47,000 in the business and $30,000 was borrowed on a five-year note. The partnership paid $3,000 in interest that was the amount owed for the year and paid $8,700 for a two-year insurance policy on the first day of business. Compute net income for the first year for Tri Fecta. Multiple Choice $215,600 $140,100 $172.000 $132.750