Problem: Module 3 Textbook Problem 11 Learning Objectives: 3-9 Identify the primary characteristics of sole proprietorships, partnerships, and corporations 3-12 Show how issuing different classes of stock affects financial statements Astro Corporation was started with the issue of 4,700 shares of $9 par stock for cash on January 1, Year 1. The stock was issued at a market price of $15 per share. During Year 1, the company earned $59.000 in cash revenues and paid $39,530 for cash expenses. Also, a $3,200 cash dividend was paid to the stockholders. Required Prepare an income statement statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Astro Corporation's Year 1 fiscal year. Income Statement Stmt of Changes Balance Sheet Stmt of Cash Flows Prepare a balance sheet. ASTRO CORPORATION Balance Sheet As of December 31, Year 1 Assets Cash 0 0 Total assets 0 $ $ $ 0 Liabilities Stockholders' equity Paid-in capital in excess of par Common stock $ 0 x 42,300 0 Total Paid-In Capital 42,300 16,270 $ 58,570 Total liabilities and stockholders' equity