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Alpaca Corporation had revenues of $290,000 in its first year of operations. The company has not collected on $19,000 of its sales and still owes $25,600 on $70,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $10,500 in salaries. Owners invested $16,000 in the business and $16,000 was borrowed on a five-year note. The company paid $2,500 in interest 8 0136a3 that was the amount owed for the year, and paid $7.700 for a two-year insurance policy on the first day of business. Alpaca has an effective income tax rate of 40%. Compute net income for the first year for Alpaca Corporation. Multiple Choice $203,150 $ 220,000 s 130,080 S 121,890o
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