Required information [The following information applies to the questions displayed below.] Cascade Company was started on January 1, Year 1, when it acquired $157,000 cash from the owners. During Year 1 , the company earned cash revenues of $86,300 and incurred cash expenses of $62,200. 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 corporation. It issued 12,000 shares of $10 par common stock for $157,000 cash to start the business. Complete this question by entering your answers in the tabs below. Prepare a income statement for Year 1. CASCADE COMPANY Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 1 CASCADE COMPANY Balance Sheet As of December 31, Year 1 \begin{tabular}{|l|l|l|} \hline Assets & & \\ \hline & & \\ \hline & & \\ \hline Total Assets & & \\ \hline Liabilities & & \\ \hline Stockholders' equity & & \\ \hline & & \\ \hline & & $ \\ \hline Total paid-in capital & & \\ \hline & & \\ \hline Total liabilities and Stockholders' equity & & \\ \hline \end{tabular}