Al pacacino corporation had revenues of $203,000 in its first year of operations. the company has not collected on $20,000 of its sales and still owes $25,000 on $136,000 of merchandise it purchased. the company had no inventory on hand at the end of the year. the company paid $15,000 in salaries (out of $23,000 accrued). owners invested $20,000 in the business and $20,000 was borrowed on a five-year note. the company paid $2,200 in interest (same as the amount owed for the year). assume no income tax expense. Required:
Compute net income for the first year for Al Pacacino Corporation.