Astro Corporation was started with the issue of 5,800 shares of $11 par stock for cash on January 1, Year 1. The stock was issued at a market price of $17 per share. During Year 1, the company earned $66,000 in cash revenues and paid $44,220 for cash expenses. Also, a $4,600 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 Corporations Year 1 fiscal year.

ASTRO CORPORATION
Income Statement
For the Year Ended December 31, Year 1
Revenues	$66,000
Expenses	(44,220)
Net income	$21,780

Prepare a statement of changes in stockholders equity.

ASTRO CORPORATION
Statement of Changes in Stockholders Equity
For the Year Ended December 31, Year 1
Beginning common stock	$0
Plus: Issuance of common stock	98,600
Ending common stock		$98,600
Beginning retained earnings	$0
Plus: Net income	21,780
Less: Dividend	(4,600)
Ending retained earnings		17,180
Total stockholders equity		$115,780

Prepare a balance sheet.

ASTRO CORPORATION
Balance Sheet
As of December 31, Year 1
Assets
Cash	$115,780
Total assets		$115,780
Liabilities
Stockholders equity
Common stock	$63,800
Paid-in capital in excess of par
Total Paid-In Capital		63,800
Total liabilities and stockholders equity		$63,800

Prepare a statement of cash flows. (Cash outflows should be indicated with a minus sign.)

ASTRO CORPORATION
Statement of Cash Flows
For the Year Ended December 31, Year 1
Cash flows from operating activities:
Net cash flow from operating activities		$0
Cash flows from investing activities:
Net cash flow from investing activities		$0
Cash flows from financing activities:
Net cash flow from financing activities		0
Net change in cash		0
Ending cash balance		$0