Exercise 2-11A (Algo) Prepaid items on financial statements LO 2-6, 28 Life, Inc., experienced the following events in Year 1, its first year of operation: 1. Performed counseling services for $32,400 cash. 2. On February 1, Year 1, paid $22,800 cash to rent office space for the coming year. 3. Adjusted the accounts to reflect the amount of rent used during the year. Required Based on this information alone: a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting period. c. Ignoring all other future events, what is the amount of rent expense that would be recognized in Year 2 ? Complete this question by entering your answers in the tabs below. Prepare an income statement for the Year 1 accounting period. (Do not round intermediate C 2. On February 1, Year 1, paid $22,800 cash to rent office space for the coming year. 3. Adjusted the accounts to reflect the amount of rent used during the year. Required Based on this information alone: a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting period. c. Ignoring all other future events, what is the amount of rent expense that would be recognized in Year 2 ? Complete this question by entering your answers in the tabs below. Prepare the statement of cash flows for the Year 1 accounting period. (Do not round intermer outflows with a minus sign.) Exercise 2-11A (Algo) Prepaid items on financial statements LO 2-6, 2-8 Life, Inc., experienced the following events in Year 1, its first year of operation: 1. Performed counseling services for $32,400 cash. 2. On February 1, Year 1, paid $22,800 cash to rent office space for the coming year. 3. Adjusted the accounts to reflect the amount of rent used during the year. Required Based on this information alone: a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting period. c. Ignoring all other future events, what is the amount of rent expense that would be recognized in Year 2 ? Complete this question by entering your answers in the tabs below. Record the events under an accounting equation. (Do not round intermediate calculations. Er balances with a minus sign.) Exercise 2-11A (Algo) Prepaid items on financial statements LO 2-6, 2-8 Life, Inc., experienced the following events in Year 1, its first year of operation: 1. Performed counseling services for $32,400 cash. 2. On February 1, Year 1, paid $22,800 cash to rent office space for the coming year. 3. Adjusted the accounts to reflect the amount of rent used during the year. Required Based on this information alone: a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the Ye 1 accounting period. c. Ignoring all other future events, what is the amount of rent expense that would be recognized in Year 2 ? Complete this question by entering your answers in the tabs below. Ignoring all other future events, what is the amount of rent expense that would be recogn intermediate calculations.) 1. Performed counseling services for $32,400 cash. 2. On February 1, Year 1, paid $22,800 cash to rent office space for the coming year. 3. Adjusted the accounts to reflect the amount of rent used during the year. Required Based on this information alone: a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the Y 1 accounting period. c. Ignoring all other future events, what is the amount of rent expense that would be recognized in Year 2? Complete this question by entering your answers in the tabs below. Prepare a balance sheet for the Year 1 accounting period. (Do not round intermediate cal
