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 $155.000 cash from the owners. During Year 1, the company earned cash revenues of $93,300 and incurred cash expenses of $69,500. The company also paid cash distributions of $13,500. 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. Cascade is a corporation. It issued 12,000 shares of $9 par common stock for $155,000 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 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 Simt of Changes> Prepare a statement of changes in stockholders' equity for Year 1. (Deductions should be CASCADE COMPANY Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 1 0 0 Total stockholders' equity 6 0 cinc Simt Baksheet CASCADE COMPANY Balance Sheet As of December 31, Year 1 Assets Total Assets h 0 Liabilities Stockholders' equity Total paid-in capital $ G Total liabilities and Stockholders' equity GA 0 CASCADE COMPANY Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities 59 $ 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 Ending cash balance CA 0