Help Save & Exit Check m Life, Incorporated experienced the following events in Year 1, its first year of operation: 1. Performed counseling services for $27,600 cash. 2. On February 1, Year 1. paid $19,200 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 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 A Reg B Inc Stmt Req B Bal Sheet Req B Stmt of Cash Flows Reg C Check my work Complete this question by entering your answers in the tabs below. Req A Req B Inc Stmt Req B Bal Sheet Req B Stmt of Cash Flows Reqc 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.) Book int rences LIFE, INC. Effect of Events on the Accounting Equation Assets Event Cash Prepaid Rent 1. Performed services 27,600 2. Prepaid rent (19,200) 19.2001 3. Used rent (17,600) - Totals 8,400 1,600 Stockholders Equity Retained Earnings 0 Rea Bine Stmt > Check my work 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 Bhic Req A Req B Bal Req B Stmt of Stmt Sheet Reg C Cash Flows 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 1 Revenue $ 27,600 Expense 17,600 Net income $ 10,000 PSI would be recognized in Year 2? Complete this question by entering your answers in the tabs below. 3 po Rega Regine Stmt Reg BB Sheet Reg Strit of Cash Flows Rec Prepare a balance sheet for the Year 1 accounting period. (Do not round intermediate calculations.) Hunt Beerences LIFE, INC Balance Sheet As of December 31, Year 1 Assets Cash Prepaid rent $ 84,000 15.000 $ 100,000 Total assets Liabilities Stockholders' Equity Total stockholders' equity Total abilities and stockholders' equity $ 0 ( Req Bine stmt Rag Simt of Cash Flows> aus Deiow. ts Req A Reg B Inc Stmt Reg B Bal Sheet Req B Stmt of Cash Flows Reqc Book Prepare a statement of cash flows for the Year 1 accounting period. (Amounts to be deducted should be indicated with a minus sign.) erences LIFE, INC. Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: $ 0 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: Net change in cash 0 $ 0 Ending cash balance we even yerlerdi 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. Reg A Req B Inc Stmt Reg B Bal Sheet Req B Stmt of Cash Flows Reg C Ignoring all other future events, what is the amount of rent expense that would be recognized in Year 22 (Do not round Intermediate calculations.) Rent expense to be recognized in Year 2 (Reg Stmt of Cash Flows