Yard Designs (YD) experienced the following events in Year 1, its first year of operation: 1. On October 1, Year 1, YD collected $27,600 for consulting services it agreed to provide during the coming year. 2. 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. Note: Enter any decreases to account balances with a minus sign. b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting period. Note: In statement of cash flows, cash outflows should be indicated with a minus sign. \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ YARD DESIGNS } \\ \hline \multicolumn{2}{|c|}{ Sor the Year Ended December 31, Year 1 } \\ \hline Cash flows from operating activities & & \\ \hline & & \\ \hline Net cash flow from operating activities & & $ \\ \hline Cash flows from investing activities & & \\ \hline Cash flows from financing activities & & \\ \hline Net change in cash & & \\ \hline & & \\ \hline Ending cash balance & & $ \\ \hline \hline \end{tabular} : Ignoring all other future events, what is the amount of service revenue that would be recognized in Year 2