Required information [The following information applies to the questions displayed below Cascade Company was started on January 1, Year 1, when it acquired $168,000 cash from the owners. During Year 1, the company earned cash revenues of $93,800 and incurred cash expenses of $65,400. The company also paid cash distributions of $14,000 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 partnership with two partners, Carl Cascade and Beth Cascade. Carl Cascade invested $109,200 and Beth Cascade ested $58,800 of the $168,000 cash that was used to start the business. Beth was expected to assume the vast majority of the ponsibility for operating the business. The partnership agreement called for Beth to receive 65 percent of the profits and Carl to remaining 35 percent. With regard to the $14,000 distribution, Beth withdrew $4.200 from the business and Carl withdrew $9,80 mounts to be deducted should be indicated with minus sign.) CASCADE COMPANY Income Statement For the Year Ended December 31, Year 1 CASCADE COMPANY "art 2 of 3 Capital Statement For the Year Ended December 31, Year 1 -25 oints eBook CASCADE COMPANY Balance Sheet As of December 31, Year 1 Assets Total Assets Liabilities Equity