Exercise 4-2 (Part Level Submission) In its first year of operations, Athabasca Corp. earned $53,000 in service revenue. Of that amount, $8,400 was on account and the remainder, $44,600, was collected in cash from customers. The company incurred various expenses totalling $32,200, of which $28,700 was paid in cash. At year end, $3,500 was still owing on account. In addition, Athabasca prepaid $2,000 for insurance coverage that covered the last half of the first year and the first half of the second year. Athabasca expects to owe $3,000 of income tax when it files its corporate income tax return after year end. (a Calculate the first year's net income under the accrual basis of accounting