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QS 3-2 (Algo) Computing accrual and cash income LO C1 In its first year of operations, Roma Company reports the following. - Earned revenues of $50,000 ( $42,000 cash received from customers). - Incurred expenses of $28,000 ( $22,000 cash paid toward them). - Prepaid $8,000 cash for costs that will not be expensed until next year. Compute Roma's first-year net income under the cash basis and the accrual basis of accounting