Moving to another question will save this response. Question 12 of 24 >>> Save Answer Question 12 0.75 points In its first year of operations, Grace Company reports the following Earned revenues of $60,000 (552,000 cash received from customers); incurred expenses of $35,000 ($31,000 cash paid toward them); Prepaid $8,000 cash for costs that will not be expensed until next year. Net income under the accrual basis of accounting is: $17,000 . $13,000 . OC $25,000 $21,000. OD None of the answer choices is correct. OE. Question 12 of 24 Moving to another question will save this response. 6:25 PM 9/1/202 > 1 LEO 7696 O C