$(1)$

Required information

$[$The following information applies to the questions displayed below.$]$

Cascade Company was started on January $1,$ Year $1,$ when it acquired $$164,000$ cash from the owners. During Year $1,$ the company earned cash revenues of $$94,300$ and incurred cash expenses of $$67,500.$ The company also paid cash distributions of $$8,500.$

Required

Prepare a Year $1$ income statement, capital statement $($statement of changes in equity$),$ balance sheet, and statement of cash flows under each of the following assumptions. $($Consider each assumption separately.$)$

c$.$ Cascade is a corporation. It issued $8,000$ shares of $$10$ par common stock for $$164,000$ cash to start the business. Note: For the Statement of Cash Flows only, indicate amounts to be deducted and cash outflows with a minus sign.

$\backslash$table$[[$CASCADE COMPANY$],[$Income Statement$],[$For the Year Ended December $31,$ Year $1,],[,],[,],[,]]$