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 $153,000 cash from the owners. During Year 1, the company earned cash revenues of $91,600 and incurred cash expenses of $70,000. The company also paid cash distributions of $7,500. 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 9,000 shares of $8 par common stock for $153,000 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 income statement for Year 1. CASCADE COMPANY Income Statement For the Year Ended December 31, Year 1 $ 0 Complete this question by entering your answers in the tabs below. Inc Stmt Stmt of Changes Bal Sheet Cash Flows Prepare a statement of changes in stockholders' equity for Year 1. (Deduction CASCADE COMPANY Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 1 0 0 Total stockholders' equity o 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 Total Assets 0 Liabilities Stockholders' equity Total paid-in capital 0 Total liabilities and Stockholders' equity $ 0 Complete this question by entering your answers in the tabs below. Inc Stmt Stmt of Changes Bal Sheet Cash Flows Prepare a statement of cash flows for Year 1. (Cash outflows should be indicated w CASCADE COMPANY Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: $ 0 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: 0 Net cash flow from financing activities Net change in cash 0 Ending cash balance $ 0