In its first year of operations, Ivanhoe Company recognized $$30,240$ in service revenue, $$6,480$ of which was on account and still outstanding at year$-$end. The remaining $$23,760$ was received in cash from customers.

The company incurred operating expenses of $$17,064.$ Of these expenses, $$12,960$ were paid in cash; $$4,104$ was still owed on account at year$-$end. In addition, Ivanhoe prepaid $$2,592$ for insurance coverage that would not be used until the second year of operations.

$($a$)$ Calculate the first year's net earnings under the cash basis of accounting, and calculate the first year's net earnings under the accrual basis of accounting.

$\backslash$table$[[,$Cash Basis,Accrual Basis$],[$Net earnings,$$,$$