Life, Inc., experienced the following events in Year 1, Its first year of operation: 1. Performed counseling services for $23,600 cash. 2. On February 1, Year 1, paid $16,200 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 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. Req A Req B1 Inc Req B2 Bal Req B3 CF Stmt Sheet Stmt Req C Record the events under an accounting equation. (Do not round intermediate calculations. Enter any decreases to balances with a minus sign.) LIFE, INC. Effect of Events on the Accounting Equation Assets Stockholders' Equity Event Cash Prepaid Retained Rent Earnings 1. Performed counseling services 2. Prepaid rent 3. Used rent lotalsComplete this question by entering your answers in the tabs below. Req A Reg B1 Inc Reg B2 Bal Req B3 CF Stmt Sheet Stmt Req C Prepare an income statement for the Year 1 accounting period. (Do not round intermediate calculations LIFE, INC. Income Statement For the Year Ended December 31, Year 1Complete this question by entering your answers in the tabs below. Req A Reg B1 Inc Reg B2 Bal Req B3 CF Stmt Sheet Stmt Req C Ignoring all other future events, what is the amount of rent expense that would be recognized in Year 2? (Do not round intermediate calculations.) Rent expense to be recognized in Year 2Complete this question by entering your answers in the tabs below. Req A Reg B1 Inc Req B2 Bal Req B3 CF Stmt Sheet Stmt Req C Prepare a balance sheet for the Year 1 accounting period. (Do not round intermediate calculation LIFE, INC. Balance Sheet As of December 31, Year 1 Assets Total assets Liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equityComplete this question by entering your answers in the tabs Req A Reg B1 Inc Reg B2 Bal Req B3 CF Stmt Sheet Stmt Req C Prepare the statement of cash flows for the Year 1 accounting period. outflows with a minus sign.) LIFE, INC. Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash Ending cash balance