Required information [The following information applies to the questions displayed below.] Cascade Company was started on January 1, Year 1, when it acquired $153,000 cash from the owners. During Year 1 , the company earned cash revenues of $85,200 and incurred cash expenses of $68,100. 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.) - Cascade is a sole proprietorship owned by Carl Cascade. lote: For the Statement of Cash Flows only, indicate amounts to be deducted and cash outflows with a minus sign. CASCADE COMPANY Capital Statement \begin{tabular}{|l|l|} \hline For the Year Ended December 31, Year 1 \\ \hline & \\ \hline & \\ \hline & \\ \hline & $ \\ \hline & 0 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ CASCADE COMPANY } \\ \multicolumn{1}{|c|}{ Balance Sheet } \\ \hline \multicolumn{2}{|c|}{ As of December 31, Year 1} & \\ \hline Assets & & \\ \hline & & \\ \hline & & \\ \hline Total Assets & & \\ \hline Liabilities & & \\ \hline Equity & & \\ \hline & & \\ \hline \hline & & $ \\ \hline Total liabilities and equity & & 0 \\ \hline \end{tabular} CASCADE COMPANY Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flow from operating activities: \begin{tabular}{|l|l|l|} \hline & & \\ \hline & & \\ \hline & & \\ \hline Net cash flow from operating activities & & \\ \hline Cash flows from investing activities & & \\ \hline Cash flows from financing activities: & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Net cash flow from financing activities & & \\ \hline Net change in cash & & \\ \hline & & $ \\ \hline Ending cash balance & & 0 \\ \hline \end{tabular}