In its first year of operations, Melissa Corp, earned 549.800 in service revenue. Of that amount, 58.200 was on account and the remainder, $41.600, was collected in cash from customers. The compary incurred various expenses totalling $32,300, of which $28,800 was paid in cash. At year end. $3,500 was $ till owing on account In addition, Mdissa prepald $2,000 for insurance cowerage that covered the last half of the first year and the firsthalf of the second year, Melissa 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 Netincome under accrual basis $