E3-I2A^. Account for rent expense and prepare financial statements. (LO 4) On March l, 2007, Quality Consulting Inc. was formed when the owners contributed $35,000c ashin the business in exchange for common stock. On April l, 2007, the company paid $24,000 cash to rent office space for the coming year. The consulting services generated $62,000 of cash revenue during 2007 . Prepare an income statement, statement of changes in shareholders" equity, and statement of cash flows for the 10 months ended December 3I, 200"7, and a balance sheet December 3I , 2001.

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