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 $167,000 cash from the owners. During Year 1, the company earned cash revenues of $98,400 and incurred cash expenses of $63,200. 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 11,000 shares of $10 par common stock for $167,000 cash to start the business. Complete this question by entering your answers in the tabs below. Stmt of Inc Stmt Changes Bal Sheet Cash Flows Prepare a income statement for Year 1. CASCADE COMPANY Income Statement For the Year Ended December 31, Year 1 $ 0