Interior Design Consultants (IDC) experienced the following events in 2014, its first year of operation: 1 On October 1, 2014, IDC collected $31,200 for consulting services it agreed to provide during the coming year. Adjusted the accounts to reflect the amount of consulting service revenue recognized in 2014. Required: Based on this information alone a Record the events under an accounting equation. (Do not round intermediate calculations. Enter any decreases to account balances with a minus sign.) INTERIOR DESIGN CONSULTANTS Accounting Equations for the Year 2014 Assets Liabilities Equity Retained Collected unearned revenue Recognized revenue eamed b. Prepare an income statement, balance sheet, and statement of cash flows for the 2014 accounting period. (Do not round intermediate calculations.) INTERIOR DESIGN CONSULTANTS the Year Ended December 31, 2014