all are correct except for outflow to purchase inventory (which is not 123,500) and outflow for expenses (which is not 55,500)

Required information [The following information applies to the questions displayed below.] The following transactions apply to Ozark Sales for Year 1: 1. The business was started when the company recelved $49,000 from the issue of common stock. 2. Purchased equipment inventory of $174,500 on account. 3. Sold equipment for $198,500 cash (not including sales tax). Sales tax of 8 percent is collected when the merchandise is sold. The merchandise had a cost of $123,500. 4. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 4 percent of sales. 5. Paid the sales tax to the state agency on $148,500 of the sales. 6. On September 1, Year 1, borrowed $20,000 from the local bank. The note had a 6 percent interest rate and matured on March 1, Year 2. 7. Paid $6,000 for warranty repairs during the year. 8. Paid operating expenses of $55,500 for the year. 9. Paid $125,100 of accounts payable. 10. Recorded accrued interest on the note issued in transaction no. 6