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Cascade Company was started on January 1, Year 1, when it acquired $60,000 cash from...

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Accounting

Cascade Company was started on January 1, Year 1, when it acquired $60,000 cash from the owners. During Year 1, the company earned cash revenues of $35,000 and incurred cash expenses of $18,100. The company also paid cash distributions of $4,000.
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.)
c. Cascade is a corporation. It issued 5,000 shares of $5 par common stock for $60,000 cash to start the business.

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