In its first year of operations, Roma Company reports the following. Earned revenues of $55,000 ($47,000 cash received from customers). Incurred expenses of $30,500 ($23,750 cash paid toward them). Prepaid $9,250 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. Cash Basis Accrual Basis Revenues $ 47,000 $ 55,000 Expenses 30,500 Net income