Astro Corporation was started with the issue of 4,000 shares of $10 par stock for cash on January 1, Year 1. The stock was issued at a market price of $20 per share. During Year 1, the company earned $61,650 in cash revenues and paid $41,306 for cash expenses. Also, a $3,400 cash dividend was paid to the stockholders.

Required

Prepare an income statement, statement of changes in stockholders equity, balance sheet, and statement of cash flows for Astro Corporations Year 1 fiscal year.

MARLIN JONES SOLE PROPRIETORSHIP Balance Sheet As of December 31, Year 1 Assets Cash Common stock Total assets $ 0 Liabilities Equity Appropriated retained earnings Dividends payable Total liabilities and equity $ 0 Prepare a statement of cash flows. (Cash outflows should be indicated with a minus sign.) MARLIN JONES SOLE PROPRIETORSHIP Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: $ 0 Net cash flow from operating activities Cash flows from investing activities: $ 0 Net cash flow from investing activities Cash flows from financing activities: 0 Net cash flow from financing activities Net change in cash 0 Ending cash balance $ 0