Prepar a capital statement for Year 1. Note: Deductions should be indicated by a minus sign. Prepare a balance sheet for Year 1 . b. Coscade is a parthership with two partners, Carl Cascade and Beth Cascade. Carl Cascade invested $24,000 and Beth Cascade invested $36,000 of the $60,000 cash that was used to start the business. Beth was expected to assume the vast majority of the responsibility for operating the business. The partnership agreement called for Beth to recelve 60 percent of the profits and Cart to get the remaining 40 percent. With regard to the $4,000 distribution, Beth withdrew $2,400 from the business and Carl withdrew $1,600. Complete this question by entering your answers in the tabs below. Prepare a Income statement for Year 1. Prepare a statment of cash flows for Year 1. Note: Cash outflows should be Indicated with a minus sign