4. Given the data below for a firm in its first year of operation, determine net income under the cash basis of accounting. Cash received from customers Accounts receivable Cash paid for expenses Accounts payable (related to expenses) Prepaid rent for next period $45,000 12,000 26,000 3,000 7,000 A) $19,000 B) $28,000 C) $21,000 D) $12,000 5. Given the data below for a firm in its first year of operation, determine net income under the accrual basis of accounting. Cash received from customers Accounts receivable Cash paid for expenses Accounts payable (related to expenses) Prepaid rent for next period $45,000 12,000 26,000 3,000 A) $19,000 B) $28,000 C) $21,000 D) $12,000