Life, Inc., experienced the following events in Year 1, its first year of operation: Performed counseling services for $26,000 cash. On February 1, Year 1, paid $18,000 cash to rent office space for the coming year. Adjusted the accounts to reflect the amount of rent used during the year. Required Based on this information alone: Record the events under an accounting equation. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting period. Ignoring all other future events, what is the amount of rent expense that would be recognized in Year 2?