Astro Corporation was started with the issue of 4,400 shares of $8 par stock for cash on January 1, Year 1. The stock was issued at a market price of $16 per share. During Year 1, the company earned $60,050 in cash revenues and paid $40,234 for cash expenses. Also, a $3,100 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.