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 $154.000 cash from the owners. During Year 1 , the company earned cash revenues of $84,200 and incurred cash expenses of $67,500. The company also paid cash distributions of $6,000 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.) c. Cascade is a corporation. It issued 9,000 shares of $11 par common stock for $154,000 cash to start the business, Complete this question by entering your answers in the tabs below. Prepare a income statement for Year 1. Required information Complete this question by entering your answers in the tabs below. Prepare a statement of changes in stockholders' 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.)