In its first year of operations, Roma Company reports the following. Earned revenues of $57,000 ($49,000 cash received from customers). Incurred expenses of $31,500 ($24,450 cash paid toward them). Prepaid $9,750 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. Cash Basis Accrual Basis Revenues Expenses Net income