Required Information 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 $162,000 cash from the owners. During Year 1, the company earned cash revenues of $89.400 and incurred cash expenses of $67,100. 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 c c. Cascade is a corporation. It issued 12,000 shares of $11 par common stock for $162,000 cash to start the business. Required c. Cascade is a corporation. It issued 12,000 shares of $11 par common stock for $162,000 cas 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 Stmt of Changes > Inc Stmt Stmt of Changes Bal Sheet Cash Flows Prepare a statement of changes in stockholders' equity for Year 1. (Deductions should be in CASCADE COMPANY Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 1 Total stockholders' equity Required information CASCADE COMPANY Balance Sheet As of December 31, Year 1 Assets Total Assets Liabilities Stockholders' equity Total paid-in capital Total liabilities and Stockholders' equity