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 $4,500$ shares of $\backslash (\backslash$$ $8\backslash )$ par stock for cash on January $1,$ Year $1.$ The stock was issued at a market price of $\backslash (\backslash$$ $17\backslash )$ per share. During Year $1,$ the company earned $\backslash (\backslash$$ $68,600\backslash )$ in cash revenues and paid $\backslash (\backslash$$ $45,962\backslash )$ for cash expenses. Also, a $\backslash (\backslash$$ $3,400\backslash )$ 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.

Complete this question by entering your answers in the tabs below.

Income

Stmt of

Statement

Changes

Balance Sheet

Statement of Cash Flows

Prepare the income statement.