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. Cash Basis Accrual Basis Revenues Expenses Net income