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 $158.000 cash from the owners. During Year 1, the company earned cash revenues of $87700 and incurred cash expenses of $65,100. 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) Parte c. Cascade is a corporation. It issued 10,000 shares of $12 par common stock for $158.000 cash to start the business. Complete this question by entering your answers in the tabs below. Inc Stmt Sumt 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 $ 0 CASCADE COMPANY Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 1 0 0 Total stockholders' equity 0 CASCADE COMPANY Balance Sheet As of December 31, Year 1 Assets 0 Total Assets Liabilities Stockholders' equity Total paid-in capital $ 0 Total liabilities and Stockholders' equity CASCADE COMPANY Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: $ 0 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: Net cash flow from financing activities Net change in cash 0 0 $ 0 Ending cash balance