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Astro Corporation was started with the issue of 5,000 shares of $8 par stock for cash on January 1, Year 1. The stock was
Astro Corporation was started with the issue of 5,000 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 $67,850 in cash revenues and paid $45,460 for cash expenses. Also, a $3,600 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 Corporation's Year 1 fiscal year. Complete this question by entering your answers in the tabs below. Inconde Statement Stmt of Changes Balance Sheet Stmt of Cash Flows Prepare the income statement. ASTRO CORPORATION Income Statement For the Year Ended December 31, Year 1
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