Cascade Company was started on January 1, Year 1, when it acquired $151,000 cash from the owners. During Year 1, the com

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Cascade Company was started on January 1, Year 1, when itacquired $151,000 cash from the owners. During Year 1, the companyearned cash revenues of $98,600 and incurred cash expenses of$63,600. The company also paid cash distributions of $9,000.
Prepare a Year 1 income statement, capital statement (statementof changes in equity), balance sheet, and statement of cash flowsunder each of the following assumptions. (Consider each assumptionseparately.)