b-1. prepare the income statement got year 1. b-2. prepare the balance sheet for year 1. b-3. prepare the statement of cash flow for year 1.

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 received $48,500 from the issue of common stock. 2. Purchased equipment inventory of $177,000 on account. 3. Sold equipment for $192,500 cash (not including sales tax). Sales tax of 6 percent is collected when the merchandise sold. The merchandise had a cost of $117.500. 4. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amou to 5 percent of sales. 5. Paid the sales tax to the state agency on $142,500 of the sales. 6. On September 1, Year 1, borrowed $20,500 from the local bank. The note had a 5 percent interest rate and matured March 1, Year 2. 7. Paid $5,500 for warranty repairs during the year. 8. Paid operating expenses of $55,000 for the year. 9. Paid $125,600 of accounts payable. 10. Recorded accrued interest on the note issued in transaction no. 6. b-1. Prepare the income statement for Year 1. (Round your answers to the nearest dollar amount.)