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1.25 points Exercise 2-11 Prepaid items on financial statements LO 2-4 Therapy Inc. experienced the following events in 2014, its first year of operation: 1. Performed counseling services for $27,600 cash. 2.On February 1, 2014, paid$19,200 cash to rent office space for the coming year. a 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. (Do not round intermediate calculations. Enter any decreases to account balances with a minus sign.) THERAPY INC. Effect of Events on the Accounting Equation Cash Prepaid Rent Earnings 2 Prepaid rent 3 Used rent Prepare an income statement for the 2014 accounting period. (Do not round intermediate calculations.) or the Year Ended December 31, 2014