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. \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ LIFE, INCORPORATED } \\ \hline \multicolumn{2}{|c|}{ As of December 31, Year 1 } \\ \hline Assets & & \\ \hline & & \\ \hline & & \\ \hline & & $ \\ \hline Total assets & & \\ \hline Liabilities & & \\ \hline Stockholders' Equity & & \\ \hline & & \\ \hline & & $ \\ \hline Total stockholders' equity & & 0 \\ \hline Total liabilities and stockholders' equity & $ \\ \hline \end{tabular} b. Pr Assessment Tool iframe tement, 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. Exercise 3-4A (Algo) Prepaid items on financial statements LO 3-2 Life, Incorporated experienced the following events in Year 1, its first year of operation: 1. Performed counseling services for $18,800 cash. 2. On February 1 , Year 1 , paid $12,600 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 in accounts under an accounting equation. Note: Enter any decreases to account balances with a minus sign. Ignoring all other future events, what is the amount of rent expense that would be recognized in Year 2