In its first year of operations, Jennifer Corp. earned $53,800 in service revenue. Of that amount, $7,200 was on account and the remainder, $46,600, was collected in cash from customers. The company incurred various expenses totalling $31,600, of which $28,100 was paid in cash. At year end. $3,500 was still owing on account. In addition, Jennifer prepaid $2,000 for insurance coverage that covered the last half of the first year and the first half of the second year. Jennifer 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. Net income under accrual basis