Astro Corporation was started with the issue of 5,200 shares of $10 par stock for cash...

Astro Corporation was started with the issue of 5,200 shares of $10 par stock for cash on January 1, Year 1. The stock was issued at a market price of $16 per share. During Year 1, the company earned $69,950 in cash revenues and paid $46,867 for cash expenses. Also, a $4,000 cash dividend was paid to the stockholders.

Required

Prepare an income statement, statement of changes in stockholders’ equity, balance sheet, and statement of cash flows for Astro Corporation’s Year 1 fiscal year.

Expert Solution

ekkarill92 answered 1 year ago

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