Tri Fecta, a partnership, had revenues of $367,000 in its first year of operations. The partnership has not collected on $45,000 of its sales, and still owes $39,700 on $160,000 of merchandise they purchased. There was no inventory on hand at the end of the year. The partnership paid $34,800 in salaries. The partners invested $47,000 in the business and $30,000 was borrowed on a five-year note. The partnership paid $3,800 in interest that was the amount owed for the year and paid $8,700 for a two-year insurance policy on the first day of business. Compute net income for the first year for Tri Fecta. Ignore income taxes