In its first year of operations, Roma Co. earned dollar46,000 in revenues and received dollar38,000 cash from these customers. The company incurred expenses of dollar26,000 but had not paid dollar5, 400 of them at year-end. The company also prepaid dollar7,000 cash for costs that will not be expensed until the next year Calculate the first year's net income under both the cash basis and the accrual basis of accounting