Yard Designs $($YD$)$ experienced the following events in Year $1,$ its first year of operation:

On October $1,$ Year $1,$ YD collected $$25,200$ for consulting services it agreed to provide during the coming year.

Adjusted the accounts to reflect the amount of consulting service revenue recognized in Year $1.$

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 service revenue that would be recognized in Year $2?$

Complete this question by entering your answers in the tabs below.

$\backslash$table$[[$Req A$,\backslash$table$[[$Req B$1],[$Income$],[$statement$]],\backslash$table$[[$Req B$2],[$Balance sheet$]],\backslash$table$[[$Req B$3],[$Statement of$],[$cash flows$]],$Req C$]]$

Prepare an income statement for the Year $1$ accounting period.

Note: Do not round intermediate calculations.

$\backslash$table$[[$YARD DESIGNS$],[$Income Statement$],[$For the Year Ended December $31,$ Year $1,],[,],[,],[,$$