Required Information Problem 8-20A (Algo) Effect of business structure on financlal 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 $159.000 cash from the owners. During Year 1, the company earned cash revenues of $86,100 and incurred cash expenses of $65,400. The company also paid cash distributions of $5,500. 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) Parto c. Cascade is a corporation. It issued 11,000 shares of $8 par common stock for $159.000 cash to start the business. Complete this question by entering your answers in the tabs below. Sumt of Inc Slmt Bal Sheet Cash Flows Changes Prepare a income statement for Year 1. CASCADE COMPANY Income Statement For the Year Ended December 31: Year 1