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 $152,000 cash from the owners. During Year 1, the company earned cash revenues of $95,000 and incurred cash expenses of $62,100. The company also paid cash distributions of $9,500. 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 a a. Cascade is a sole proprietorship owned by Carl Cascade. Complete this question by entering your answers in the tabs below. Inc Stmt Stmt of Changes Bal Sheet Cash Flows Prepare an income statement for Year 1. CASCADE COMPANY Income Statement For the Year Ended December 31, Year 1 $ 0