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3 30 points 03:42:15 eBook Hint Print References Life, Incorporated, experienced the following events in Year 1, its first year of operation: 1. Performed counseling services for $30,000 cash. 2. On February 1, Year 1, paid $21,000 cash to rent office space for the coming year. 3. Adjusted the accounts to reflect the amount of rent used during the year. Required: Based on this information alone: a. Record the events under an accounting equation. b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting period. c. Ignoring all other future events, what is the amount of rent expense that would be recognized in Year 2? Complete this question by entering your answers in the tabs below. Req A Req B1 Income statement Req B2 Balance sheet Prepare the statement of cash flows for the Year 1 counting period. Note: Do not round intermediate calculations. Enter cash outflows with a minus sign. LIFE, INCORPORATED Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: Cash payment for rent Ending cash balance Req B3 Statement of cash flows Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net change in cash $ Req C $ 0 0 0 C

Uife, Incorporated, experienced the following events in Year 1 , its first year of operation: 1. Performed counseling services for $30,000 cash. 2. On February 1, Year 1 paid $21,000 cash to rent otfice space for the coming year. 3. Adjusted the accounts to reflect the amount of rent used during the yoar. Required: Based on this information alone a. Record the eveots under an accounting equation b. Propare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting period. c. Ignoring all other future events. What is the amount of rent expense that would be recognized in Year 2? Complete this question by entering your answers in the tabs below. Prepare the staternent of cosh flows for the Year 1 Acounting period. Note: Do not round intermediate cakculations. Enter cash outhows with a minus sign. Life, Incorporated, experienced the following events in Year 1, its first year of operation: 1. Performed counseling services for $30,000 cash. 2. On February 1. Year 1, paid $21,000 cash to rent office space for the coming yoar. 3. Adjusted the accounts to reflect the amount of rent used during the year. Required: Based on this information alone: a. Record the events under an accounting equation b. Prepare an income statement, balance sheet, and statement of cash flows for the Yoar 1 accounting period. c. Ignoring all other future events, what is the amount of rent expense that would be recognized in Year 2 ? Complete this question by entering your answers in the tabs below. Ignoring all other future events, what is the amount of rent expense that would be recognized in Year 2 ? Votes Do not round intermediate calculations

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