Life, Incorporated experienced the following events in Year 1, its first year of operation 1. Performed counseling services for $18,800 cash 2. On February 1, Year 1, paid $12,600 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 general ledger accounts 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 B Inc Req A Stmt Req B Bal Sheet Req B Stmt of Cash Flows Req C Record the events in general ledger accounts under an accounting equation. (Do not round intermediate calculations. Enter any decreases to account balances with a minus sign.) LIFE, INC. Effect of Events on the Accounting Equation Stockholders' Assets Event Equity Cash Prepaid Rent Retained Earnings 1. Performed services 18,800 0= 18,800 2 Prepaid rent (12,600) 12,600 0 3. Used rent 0 Totals 6,200 12,600 18,800 Reg A Req B Inc Stmt >