In its first year of operations, oriole company recognized $30,000 in service revenue, $8,000 of which was on account and still outstanding at year-end. the remaining $22,000 was received in cash from customers. the company incurred operating expenses of $20,400. of these expenses, $13,990 were paid in cash; $6,410 was still owed on account at year-end. in addition, oriole prepaid $2,710 for insurance coverage that would not be used until the second year of operations.(a) calculate the first year’s net earnings under the cash basis of accounting, and the first year’s net earnings under the accrual basis of accounting.