! Required information [The following information applies to the questions displayed below.] Cascade Company was started on January 1, Year 1, when it acquired $157,000 cash from the owners. During Year 1, the company earned cash revenues of $88,100 and incurred cash expenses of $62,700. The company also paid cash distributions of $10,500. 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.) c. Cascade is a corporation. It issued 10,000 shares of $9 par common stock for $157,000 cash to start the business. 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 Expenses Net income + $ 0 ences Inc Stmt Stmt of Changes Bal Sheet Cash Flows Ac Prepare a statement of changes in stockholders' equity for Year 1. (Deductions should b CASCADE COMPANY Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 1 Total stockholders' equity www. A 0 0 0 Inc Stmt Stmt of Changes Bal Sheet Cash Flows Prepare a balance sheet for Year 1. Assets Cash CASCADE COMPANY Balance Sheet As of December 31 Year 1 Total Assets Liabilities Stockholders' equity Carl Cascade, capital Total paid-in capital Total liabilities and Stockholders' equity 0 $ 0 $ 0 Inc Stmt Stmt of Changes Bal Sheet Cash Flows Prepare a statement of cash flows for Year 1. (Cash outflows should be indicated wit CASCADE COMPANY Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: Receipts from revenues Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: SA $ Net cash flow from financing activities Net change in cash Ending cash balance $ EA 0