Part 3 of 3 2.22 points 8 02:32-50 eBook Print References 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 $156,000 cash from the owners. During Year 1, the company earned cash revenues of $98,000 and incurred cash expenses of $67,200. The company also paid cash distributions of $10,500. 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.) Problem 8-20A (Algo) Part c c. Cascade is a corporation. It issued 11,000 shares of $12 par common stock for $156,000 cash to start the business.