b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting period. (In statement of cash flows, cash outflows should be indicated with a minus sign.) es LIFE, INC Income Statement For the Year Ended December 31, Year 1 Revenue 27,600 Expense 17,600 Net income $ 10,000 b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting period. (In statement of cash flows, cash outflows should be indicated with a minus sign.) es LIFE, INC Income Statement For the Year Ended December 31, Year 1 Revenue 27,600 Expense 17,600 Net income $ 10,000