Astro Corporation was started with the issue of 5,500 shares of $11 par stock for cash on January 1, Year 1. The stock was issued at a market price of $20 per share. During Year 1, the company earned $68,450 in cash revenues and paid $45,862 for cash expenses. Also, a $4,800 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.**Complete this question by entering your answers in the tabs below.**- Income Statement- Stmt of Changes- Balance Sheet- Stmt of Cash FlowsPrepare the income statement.**ASTRO CORPORATION****Income Statement**For the Year Ended December 31, Year 1[The income statement form is displayed, with rows to be filled.]Buttons for navigating to other statements include "Stmt of Changes."[Note: Exact figures and calculations need to be completed as per the given data.] ### Astro Corporation Financial Statements OverviewAstro Corporation commenced operations with the issuance of 5,500 shares of $11 par value stock for cash on January 1, Year 1. The stock was issued at a market price of $20 per share. During Year 1, the company realized $68,450 in cash revenues and incurred $45,862 in cash expenses. Additionally, a cash dividend of $4,800 was distributed to shareholders.**Objective:**Prepare financial statements for Astro Corporation's fiscal Year 1, including:1. Income Statement2. Statement of Changes in Stockholders' Equity3. Balance Sheet4. Statement of Cash Flows#### Statement of Cash Flows PreparationThe statement of cash flows is depicted in the table below. Note that cash outflows should be indicated with a minus sign.#### ASTRO CORPORATION**Statement of Cash Flows** For the Year Ended December 31, Year 1| **Categories** | **Amount** ||---------------------------------------|------------|| **Cash flows from operating activities:** | || (Details needed) | $0 || **Net cash flow from operating activities** | $0 || **Cash flows from investing activities:** | || (Details needed) | $0 || **Net cash flow from investing activities** | $0 || **Cash flows from financing activities:** | || (Details needed) | $0 || **Net cash flow from financing activities** | $0 || **Net change in cash** | $0 || **Ending cash balance** | $0 |#### ExplanationThis statement summarizes the cash inflows and outflows from operating, investing, and financing activities, leading to the net change in cash for the period. Each section requires detailed cash flow amounts to determine the respective net cash flows and the overall change in the cash position of the company by the end of the fiscal year.

The Financial statements of the business include income Statement, balance sheet and statement of the retained earnings. The income statement tells about the profitability of the business for the current period. The balance sheet represents the Financial position of the business with assets and liabilities on a particular date. Part 1.Astro corporationIncome statement$Revenues68,450Expenses-45,862Net Profit$ 22,588Part b. Astro corporationStatement of changes in stockholders' Equity Common StockAddition Paid in CapitalRetained EarningsTotalIssued - Jan 1$60,500$49,500$110,000Net Income22,58822,588Dividends-4,800-4,800Balance Dec 31$60,500$49,500$17,788$127,788Common stock = 5,500*$11 = $60,500Additional paid in capital - common stock = 5,500 *$9 = $49,500Part c. Astro corporationBalance SheetAssets $ Cash 127,788Total assets $127,788Liabilities:0Stockholders' Equity:Common Stock60,500Additional Paid in Capital49,500Retained Earnings17,788Total equity 127,788Total Liabilities and Equity $127,788Part d. Astro corporationStatement of Cash FlowsCash Flows from Operating Activities$Revenues68,450Expenses-45,862Cash generated from Operating Activities22,588Cash flow from investing activities 0Cash flow from financing activitiesIssuance of stock110,000Payment of Dividends-4,800Cash generated from Financing Activities105,200Net Increase in Cash127,788Add: Beginning Cash balance 0Ending cash balance $127,788