Yard Designs (YD) experienced the following events in Year 1, its first year of operation 1. On October 1, Year 1, YD collected $54,000 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. (Enter any decreases to account balances with a minus sign.) YARD DESIGNS Accounting Equations for the Year 1 Stockholders Assets Liabilities Equity Event Unearned Retained Cash Revenue Earnings Advance payment Revenue earned 0- b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting period (In statement of cash flows, cash outflows should be indicated with a minus sign.) YARD DESIGNS Income Statement For the Year Ended December 31, Year 1 $