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 $169,000 cash from the owners. During Year 1, the company earned cash revenues of $83,600 and incurred cash expenses of $62,400. The company also paid cash distributions of $7,000. 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.) Problem 8-20A (Algo) Part Cascade is a corporation. It issued 9,000 shares of $8 par common stock for $169,000 cash to start the business. Complete this question by entering your answers in the tabs below. Inc Stmt Stmt of Bal Sheet Changes Cash Flows Prepare a Income statement for Year 1. CASCADE COMPANY Income Statement For the Year Ended December 31, Year 1 Revenues Expenses $ 0 Net Income Inc Strm Stmt of Changes >