E3-34A. Account for rent expense and prepare financial statements. (LO 4). On March 1, 2010, Quality Consulting, Inc., was formed when the owners contributed $35,000 cash to the business in exchange for common stock. On April 1, 2010, the company paid $24,000 cash to rent office space for the coming year. The consulting services generated $62,000 of cash rev- enue during 2010. Prepare an income st and statement of cash flows for the 10 months ended December 31, 2010, and a balance sheet at December 31, 2010 formed when the 20, the company paid S24.000 t, statement of changes in shareholders' equity