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 $5,000$ shares of $$11$ par stock for cash on January $1,$ Year $1.$ The stock was issued at a market price of $$18$ per share. During Year $1,$ the company earned $$70,250$ in cash revenues and paid $$47,068$ for cash expenses. Also, a $$4,500$ 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.

$\backslash$table$[[\backslash$table$[[$Income$],[$Statement$]],\backslash$table$[[$Stmt of$],[$Changes$]],$Balance Sheet,$\backslash$table$[[$Statement of$],[$Cash Flows$]]]]$

Prepare the income statement.

$\backslash$table$[[$ASTRO CORPORATION$],[$Income Statement,$],[$For tho Year Ended Docomber $31,$ Year $1,],[,],[,],[,$$