Exercise $8-4$A $($Algo$)$ Effect of accounting events on the financial statements of a corporation LO $8-1,8-4$

Astro Corporation was started with the issue of $5,400$ shares of $$8$ par stock for cash on January $1,$ Year $1.$ The stock was issued at a market price of $$19$ per share. During Year $1,$ the company earned $$57,500$ in cash revenues and paid $$38,525$ for cash expenses. Also, a $$3,900$ cash dividend was paid to the stockholders.

Required

Prepare an income statement, statement of changes in stockholders$$ equity, balance sheet, and statement of cash flows for Astro Corporation$$s Year $1$ fiscal year.