Life, Inc. experienced the following events in Year 1, its first year of operation: 1. Performed counseling services for $19,600 cash. 2. On February 1, Year 1, paid $13,200 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 accounts under an accounting equation. (Enter any decreases to account balances with a minus sign.) LIFE, INC. Effect of Events on the Accounting Equation Stockholders' Assets Equity Event Cash Prepaid Rent Retained Earnings 1. Performed services 2. Prepaid rent + 3. Used rent Totals b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting period. (In statement of cash flows, cash outflows should be indicated with a minus sign.)