Exercise 2-13A (Algo) Unearned items on financial statements LO 2-7, 2-8 Yard Designs (YD) experienced the following events in Year 1, its first year of operation: 1. On October 1, Year 1, YD collected $38,400 for consulting services it agreed to provide during the coming year. 2. Adjusted the accounts to reflect the amount of consulting service revenue recognized in Year 1. 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 service revenue that would be recognized in Year 2 ? Complete this question by entering your answers in the tabs below. Riecord the events under an accounting equation. Note: Do not round intermediate calculations. Enter any decreases to acgount balances with a minus sign. Not all celis require input: Record the events under an accounting equation. Note: Do not round intermediate calculations. Enter any decreases to account balances with a minus sign. Not all cells requ input. Prepare an income statement for the Year 1 accounting period. Note: Do not round intermediate calculations. Prepare a balance sheet for the Year 1 accounting period. Prepare the statement of cash flows for the Year 1 accounting period. Note: Do not round intermediate calculations. Enter cash outflows with a minus sign. Ignoring all other future events, what is the amount of service revenue that would be recognized in Year 2? Note: Do not round intermediate calculations