Life, Inc., experienced the following events in Year 1, its first year of operation: 1. Performed counseling services for $26,000 cash. 2. On February 1, Year 1, paid $18,000 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? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req A Req B1 Inc Stmt Req B2 Bal Sheet Req B3 CF Stmt Reqc Prepare a balance sheet for the Year 1 accounting period. (Do not round intermediate calculations.) LIFE, INC. Balance Sheet As of December 31, Year 1 Assets Cash Prepaid rent $ 18,000 X 1,500 $ 19,500 0 Total assets Liabilities Stockholders' Equity Retained earnings $ 19,500 Total stockholders' equity Total liabilities and stockholders' equity $ 19,500 $ 19,500