Tri Fecta had revenues of 360,000 in its first year of operations. The company had not collected on 35,000 of its sales and still owes $40,000 on $150,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid 25,000in salaries. Owners invested $40,000 in its business and 25,000 was borrowed on a five-year note. The company paid $3,000 in interest that was the amount owed for the year, and paid $8000 for a two-year insurance policy on the first day of business. Compute net income for the first year of company. Compute the cash balance at the end of the first year for Tri Fecta