Astro Corporation was started with the issue of 4,700 shares of $10 par stock for cash on January 1, Year 1. The stock was issued at a market price of $19 per share. During Year 1, the company earned $60,400 in cash revenues and paid $40,468 for cash expenses. Also, a $3,800 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.

ASTRO CORPORATION Income Statement For the Year Ended December 31, Year 1 $ ASTRO CORPORATION Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 1