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 $161,000 cash from the owners. During Year 1, the company earned cash revenues of $86,400 and incurred cash expenses of $67,600. The company also paid cash distributions of $14,500. 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 10,000 shares of $11 par common stock for $161,000 cash to start the business. 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