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Required information Problem 8-20A (Algo) Effect of business structure on financial statements LO 8-1 [The following information applies to the questions displayed below] Cascade Company was started on January 1, Year 1, when it acquired $159.000 cash from the owners. During Year 1, the company earned cash revenues of $81,000 and incurred cash expenses of $65,600. The company also paid cash. Required Prepare a Year 1 income statement, capital statement (statement of changes in equity), balance sheet, and statement of cosh flows under each of the following ossumptions. (Consider each assumption separately.) Problem 8.20A (Algo) Part a a. Cascade is a sole proprietorship owned by Carl Cascade. Complete this question by entering your answers in the tabs below. Prepare an income statement for Year 1. Complete this question by entering your answers in the tabs below. Prepare an income statement for Year 1, Complete this question by entering your answers in the tabs below. Prepare a capital statement (statement of changes in equity) for Year 1. (Deductions should be indicated by Complete this question by entering your answers in the tabs below. Prepare a balance sheet for Year 1. Prepare a statement of cash flows for Year 1. (Cash outflows should be indicated with a minus sign.)