Required Information [The following information applies to the questions displayed below.] Cascade Company was started on January 1, Year 1, when it acquired $166,000 cash from the owners. During Year 1, the company earned cash revenues of $82,400 and Incurred cash expenses of $68,200. The company also paid cash distributions of $13,500. 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 11,000 shares of $12 par common stock for $166,000 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 Income Statement For the Year Ended December 31, Year 1 Revenues Expenses Net income $ 82,400 68.200 $ 14.200