In its first year of operations, Wildhorse Company recognized $33,700 in service revenue, $7,800 of which was on account and still outstanding at year-end. The remaining $25,900 was received in cash from customers. The company incurred operating expenses of $19,400. Of these expenses, $13,600 were paid in cash; $5,800 was still owed on account at year-end. In addition, Wildhorse prepaid $2,680 for insurance coverage that would not be used until the second year of operations. (a) Your answer is incorrect. Calculate the first year's net earnings under the casb basis of accounting. and calculate the first year's net earnings under the accrual basis of accounting