Cascade Company was started on January 1, Year 1, when it acquired $166,000 cash from the owners. During Year 1, the company earned cash revenues of $86,500 and incurred cash expenses of $60,100. The company also paid cash distributions of $13,000.

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 11,000 shares of $11 par common stock for $166,000 cash to start the business.

Complete this question by entering your answers in the tabs below. Inc Stmt Stmt of Changes Bal Sheet Cash Flows Prepare a balance sheet for Year 1. CASCADE COMPANY Balance Sheet As of December 31, Year 1 Assets Cash $ 179,400 Total Assets 179,400 $ 0 Liabilities Stockholders' equity Common stock Paid-in capital in excess of par $ 0 Total paid-in capital Retained earnings Total liabilities and Stockholders' equity $ 0