Cascade Company was started on January 1 , Year 1 , when it acquired $60,000 cash from the owners. During Year 1, the company earned cash revenues of $35,000 and incurred cash expenses of $18,100. The company also paid cash distributions of $4,000. Required Prepare a Year 1 income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows under each of the following assumptions. (Consider each assumption separately.) c. Cascade is a corporation. It issued 5,000 shares of $5 par common stock for $60,000 cash to start the business. Prepare a income statement for Year 1. Prepare a balance sheet for Year 1. Cash flows from operating actwities: 3 Bal sheet