Yard Professionals Incorporated experienced the following events in Year $1,$ its first year of operation:Performed services for $$34,000$ cash.Purchased $$8,200$ of supplies on account.A physical count on December $31,$ Year $1,$ found that there was $$1,560$ of supplies on hand.Required:Based on this information alone:Record the events under an accounting equation.Prepare an income statement, balance sheet, and statement of cash flows for the Year $1$ accounting period.What is the balance in the Supplies account as of January $1,$ Year $2?$What is the balance in the Supplies Expense account as of January $1,$ Year $2?$