c-1. Prepare the income statement for Year 1. c-2. Prepare the balance sheet for Year 1. c-3. Prepare the statement of cash flows for Year 1. Complete this question by entering your answers in the tabs below. Prepare the income statement for Year 1. (Round your answers to the nearest dollar.) Prepare the balance sheet for Year 1. (Round vour answers th the nearest dollar.) Prepare the statement of cash flows for Year 1. (Round your answers to the nearest dollar. Enter cash outflows and amounts to be deducted with a minus sign.) 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 $50,000 from the issue of common stock. 2. Purchased merchandise inventory of $380,000 on account. 3. Sold merchandise for $510,000 cash (not including sales tax). Sales tax of 8 percent is collected when the merchandise is sold. The merchandise had a cost of $330,000. 4. Provided a six-month warranty on the merchandise sold. Based on industry estimates, the warranty claims would amount to 2 percent of sales. 5. Paid the sales tax to the state agency on $400,000 of the sales. 6. On September 1, Year 1, borrowed $50,000 from the local bank. The note had a 4 percent interest rate and matured on March 1, Year 2. 7. Paid $6,200 for warranty repairs during the year. 8. Paid operating expenses of $78,000 for the year. 9. Paid $250,000 of accounts payable. 10. Recorded accrued interest on the note issued in transaction no. 6 c-1. Prepare the income statement for Year 1. c-2. Prepare the balance sheet for Year 1. c.3. Prepare the statement of cash flows for Year 1. Complete this question by entering your answers in the tabs below. Prepare the statement of cash flows for Year 1. (Round your answers to the nearest dollar. Enter cash outflows and amounts to be deducted with a minus sign.)