Yard Designs (YD) experienced the following events in Year 1, is first year of operation 1. On October 1 Year 1 YD collected $38,400 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 Required Based on this information alone Record the events under en eccounting equation Prepare an income statement, balance sheet, and amant of cash flows for the Year 1 accounting pend 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 tabe below. Cash Flow Record the events under an accounting equation. (Do not round intermediate calculations. Enter any decreases to accos balances with a minus sign) YARD DESIGNS Accounting Equations for the Year Reg A Req Inc Reg Dal Req Stmt of Stmt Cash Flows RC Prepare an income statement for the Year 1 accounting period. (Do not rou YARD DESIGNS Assets Event Cash Event A Liabilities Req A Req Inc Stmt Reg B Bal Reg 8 Stmt of Sheet Cash Flows Req C Income Statement For the Year Ended December 31, Year 1