Yard Designs (YD) experienced the following events In Year 1, its first year of operation: 1. On October 1, Year 1, YD collected $40,800 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. (Do not round Intermediate calculations. Enter any decreases to account balances with a minus sign.) YARD DESIGNS Accounting Equations for the Year 1 Assets = Liabilities Stockholders Equity Unearned Retained Cash Revenue Earnings 40.800 = 48,000 +: Event Event Adj. 40,800 48.000 + b. Prepare an Income statement, balance sheet, and statement of cash flows for the Year 1 accounting period. (Do not round Intermediate calculations.) YARD DE SIGNS Income Statement For the Year Ended December 31, Year 1 YARD DESIGNS Balance Sheet Assets Total assets Liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity YARD DESIGNS Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash Ending cash balance c. Ignoring all other future events, what is the amount of service revenue that would be recognized In Year 2? (Do not round Intermediate calculations.) Service revenue to be recognized in Year 2