In its first year of operations, Susan Corp. earned $52,800 in service revenue. Of that amount, $8,200 was on account and the remainder, $44,600, was collected in cash from customers. The company incurred various expenses totalling $31,400, of which $27,700 was paid in cash. At year end, $3,700 was still owing on account. In addition, Susan prepaid $2,200 for insurance coverage for the last half of the first vear and the first half of the second year. Susan expects to owe $3,200 of income tax when it files its corporate income tax return after year end. (a) Calculate the first year's net income under the accrual bask of accounting. Net income under accrual basis