u.com/6252-webapps 252Fportal%252Fframesets Saved Help Save & Exit Alpaca Corporation had revenues of $270,000 in its first year of operations. The company has not collected on $18,400 of its sales and still owes $25,600 on $75,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $10,500 in salarie Owners invested $19,000 in the business and $19,000 was borrowed on a five-year note. The company paid $3,400 in interest that was the amount owed for the year, and paid $6,800 for a two-year insurance policy on the first day of business. Alpaca has an effective income tax rate of 30% Compute net income for the first year for Alpaca Corporation Multiple Choice $177,700 $124,390 $122.010 $195,000