In its first year of operations. Carla Vista Co. recognited $29,800 in service revenue, $7,800 of which was on account and still. outstanding atyear-end. The remaining $22000 was received in cash from customers: The company incurred operating expenses of $18,300.0 these epenses $13,700 were paid in cash; $4,600 was still owed on account at vearend In add tion. Carla Viata prepaid $3.260 for insurance coverage that would not be used until the second year of operations. Calculate the frst year's net earnings under the cash basig of accountine and the first year's net earnings under the accrual basis of accountins