Cascade Company was started on January 1, Year 1, when it acquired $153,000 cash from the owners. During Year 2, the company earned cash revenues of $93,300 and incurred cash expenses of $69,700. The company also paid cash distributions of $14,000. 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 10,000 shares of $11 par common stock for $153,000 cash to start the business.

Income Stmt

Capital Stmt

Stmt of changes in equity

Balance Sheet

Stmt of cash flows