alpaca corporation had revenues of $240,000 in its first year of operations. the company has not collected on $19,300 of its sales and still owes $26,400 on $85,000 of merchandise it purchased. the company had no inventory on hand at the end of the year. the company paid $11,500 in salaries. owners invested $18,000 in the business and $18,000 was borrowed on a five-year note. the company paid $3,700 in interest that was the amount owed for the year, and paid $6,100 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.