Yard Professionals Incorporated experienced the following events in Year 1 , its first year of operation: 1. Performed services for $28,000 cash. 2. Purchased $7,400 of supplies on account. 3. A physical count on December 31 , Year 1 , found that there was $1,520 of supplies on hand. Required: Based on this information alone: a. Record the events in accounts 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{1}{|c|}{ YARD PROFESSIONALS INCORPROATED } \\ \hline \multicolumn{1}{|c|}{ As of December 31, Year 1 } & \\ \hline Assets & & \\ \hline & & \\ \hline & & \\ \hline Total assets & & \\ \hline Liabilities & & \\ \hline & & \\ \hline & & \\ \hline Total liabilities & & \\ \hline Stockholders' Equity & & \\ \hline \hline & & \\ \hline \hline \end{tabular} What is the balance in the Supplies account as of January 1 , Year 2