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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 $158,000 cash from the owners. During Year 1, the company earned cash revenues of $83,800 and incurred cash expenses of $69,300. The company also paid cash distributions of $5,500. 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.) Problem 8-20A (Algo) Part c 6. Cascade is a corporation. It issued 10,000 shares of $11 par common stock for $158.000 cash to start the business. Prepare a income statement for Year 1. Prepare a statement of changes in stockholders' equity for Year 1. (Deductions should be ind 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.)