In its first year of operations. Harden Co. earned \($39,000\) in revenues and received \($33,000\) cash from these customers. The company incurred expenses of \($22,500\) but had not paid \($2,250\) of them at year- end. Harden also prepaid \($3,750\) cash for expenses that would be incurred the next year. Calculate the first year’s net income under both the cash basis and the accrual basis of accounting.