In its first year of operations, Roma Company reports the following.

Earned revenues of $$47,000($$$39,000$ cash received from customers$).$

Incurred expenses of $$26,500($$$20,950$ cash paid toward them$).$

Prepaid $$7,250$ 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.