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  1. business
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  3. life, incorporated experienced the following event

Life, Incorporated experienced the following events in Year 1, its first year of operation: ...

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Accounting

Life, Incorporated experienced the following events in Year 1, its first year of operation:
Performed counseling services for $34,000 cash.
On February 1, Year 1, paid $24,000 cash to rent office space for the coming year.
Adjusted the accounts to reflect the amount of rent used during the year.
Required
Based on this information alone:
a. Record the events in general ledger accounts 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.
\table[[ReqA,\table[[Req B Inc],[Stmt]],\table[[Req B Bal],[Sheet]],\table[[Req B Stmt of],[Cash Flows]],Req C]]
Ignoring all other future events, what is the amount of rent expense that would be recognized in Year 2?(Do not round intermediate calculations.)
Rent expense to be recognized in Year 2
Req C
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