Cascade Company was started on January 1, Year 1, when it acquired $153,000 cash from the owners. During Year 1, the company earned cash revenues of $90,100 and incurred cash expenses of $62,400. The company also paid cash distributions of $14,500. 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 11,000 shares of $9 par common stock for $153,000 cash to start the business. (Amounts to be deducted should be indicated with minus sign.)

CASCADE COMPANY Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 1 0 0 Total stockholders' equity $ 0 CASCADE COMPANY Balance Sheet As of December 31, Year 1 Assets Total Assets Liabilities Stockholders' equity Total paid-in capital $ 0 Total liabilities and Stockholders' equity CA 0 CASCADE COMPANY Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flow from operating activities: $ 0 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: 0 Net cash flow from financing activities Net change in cash 0 Ending cash balance $ 0