In its first year of operations, roma co. earned $45,000 in revenues and received $37,000 cash from these customers. the company incurred expenses of $25,500 but had not paid $5,250 of them at year-end. the company also prepaid $6,750 cash for costs that will not be expensed until the next year. calculate the first year's net income under both the cash basis and the accrual basis of accounting.