Required information [The following information applies to the questions displayed below.] Cascade Company was started on January 1, Year 1, when it acquired $154,000 cash from the owners. During Year 1, the company earned cash revenues of $84,300 and incurred cash expenses of $64,000. The company also paid cash distributions of $5,500. 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 sepa ely.) c. Cascade is a corporation. It issued 11,000 shares of $10 par common stock for $154,000 cash to start the business. Complete this question by entering your answers in the tabs below. Statement of Changes Prepare a balance sheet for Year 1. Income Statement Balance Sheet Statement of Cash Flows

statement of cash flows under each of the following assumptions. (Consider each assumption separately.) Cascade is a corporation. It issued 11,000 shares of $10 par common stock for $154,000 cash to start the business. Complete this question by entering your answers in the tabs below. Prepare a balance sheet for Year 1