In its first year of operations, Roma Company reports the following. Earned revenues of $50,000 ($42,000 cash received from customers). Incurred expenses of $28,000 ($22,000 cash paid toward them). Prepaid $8,000 cash for costs that will not be expensed until next year. Compute Roma's first-year net income under the cash basis and the accrual basis of accounting. Revenues Expenses Net income Cash Basis Accrual Basis