$$ In its first year of operations, Melissa Corp, earned $$58000$ in service revenue. Of that amount, $$9500$ was on account and the remainder, $$48500,$ was collected in cash from customers. The company incurred various expenses totalling $$34000,$ of which $$29000$ was paid in cash. At year end. $$5000$ was still owing on account In addition, Melissa prepald $$3500$ for insurance coverage that covered the last half of the first year and the first half of the second year, Melissa expects to owe $$4500$ of income tax when it files its corporate income tax return after year end. Calculate the first year's net income under the cash basis of accounting