Required information [The following information applies to the questions displayed below] Cascade Company was started on January 1, Year 1, when it acquired $60,000 cash from the owners. During Year 1, the company eamed cash revenues of $35,000 and incurred cash expenses of $18,100. The company also paid cash distributions of $4,000. Required Prepare a Year 1 income statement, capital statement (statement of changes in equity). balance stieet, and statement of cash flows under each of the following assumptions. (Consider each assumption separately.) b. Cascade is a partnership with two partners, Carl Cascade and Beth Cascade, Cart Cascade invested $24,000 and Beth Cascode invested $36,000 of the $60,000 cash that was used to start the business. Beth was expected to assume the vast majority of the responsibility for operating the business. The partnership ogreement called for Beth to recelve 60 percent of the profits and Carl to get the remaining 40 percent. With regard to the $4,000 distribution, Beth withdrew $2,400 from the business and Carl withdrew $1,600. Prepare a income statement for Year 1. repar a capital statement for Year 1. (Deductions should be indicated by a minus sign. Required information