Help S Sage Inc. experienced the following transactions for Year 1, Its first year of operations: 1. Issued common stock for $90,000 cash. 2. Purchased $210,000 of merchandise on account. 3. Sold merchandise that cost $154,000 for $306,000 on account 4. Collected $270,000 cash from accounts receivable. 5. Paid $190,000 on accounts payable. 6. Paid $62,000 of salaries expense for the year. 7. Paid other operating expenses of $78,000. 8. Sage adjusted the accounts using the following information from an accounts receivable aging schedule Number of Days Past Due Percent Likely to Be Current Amount $21,600 Uncollectible Allowance Balance 0.01 0-30 9,000 0.05 31-60 1,800 0.10 61-90 1,800 0.20 Over 90 days 1,800 0.50 Required