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Required information Problem 8-20A (Algo) Effect of business structure on financial statements LO 8-1 [The following information applies to the questions displayed below.] Cascade Company was started on January 1, Year 1, when it acquired $159.000 cash from the owners. During Year 1 , the company earned cash revenues of $81,000 and incurred cash expenses of $65,600. The company also paid cash distributions of $11,500. 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 folpwing assumptions. (Consider each assumption separately.) Problem 8-20A (Algo) Part a a. Cascade is a sole proprietorship owned by Carl Cascade. Complete this question by entering your answers in the tabs below. Prepare an income statement for Year 1. Complete this question by entering your answers in the tabs belo Prepare an income statement for Year 1. Complete this question by entering your answers in the tabs below. Prepare a capital statement (statement of changes in equity) for Year 1. (Deductions should be indicated by a minus sign.) Complete this question by entering your answers in the tabs below. Prepare a balance sheet for Year 1. Complete this question by entering your answers in the tabs below. Prepare a statement of cash flows for Year 1. (Cash outflows should be indicated with a minus sign.)