Exercise 2-15A (Algo) Prepaid items on financial statements LO 2-6 Life, Incorporated experienced the following events in Year 1, its first year of operation: 1. Performed counseing services for $28,400 cash 2. On February 1, Year 1, paid $19,800 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 in general ledges accounts under an accounting equation. b. Prepare on income statenent, 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 experise that would be recognized in Year 2 ? Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Record the events in goneral ledger accounts under an occounting equation. (Do pot round intermediate caiculations. Enter any decreasies to account balances with n minus sign.) Complete this question by entering your answers in the tabs below. Prepare an income statement for the Year t accounting betiod. (Do not round intermediate calculations. Complete this question by entering your answers in the tabs below. Prepare a talance sheet for the Yearl 1 accounting period. (Do not round intermedtofe calculations.) Complete this question by entering your answers in the tabs below. Prepare a statement of cash flows for the Year 1 accounting period. (Amounts to be daducted should be indicated with a minus stan.) 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 recognized in Year 27 (Do not round intermedlate calculations) Exercise 2-15A (Algo) Prepaid items on financial statements LO 2-6 Life, Incorporated experienced the following events in Year 1, its first year of operation: 1. Performed counseing services for $28,400 cash 2. On February 1, Year 1, paid $19,800 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 in general ledges accounts under an accounting equation. b. Prepare on income statenent, 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 experise that would be recognized in Year 2 ? Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Record the events in goneral ledger accounts under an occounting equation. (Do pot round intermediate caiculations. Enter any decreasies to account balances with n minus sign.) Complete this question by entering your answers in the tabs below. Prepare an income statement for the Year t accounting betiod. (Do not round intermediate calculations. Complete this question by entering your answers in the tabs below. Prepare a talance sheet for the Yearl 1 accounting period. (Do not round intermedtofe calculations.) Complete this question by entering your answers in the tabs below. Prepare a statement of cash flows for the Year 1 accounting period. (Amounts to be daducted should be indicated with a minus stan.) 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 recognized in Year 27 (Do not round intermedlate calculations)
