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Exercise 98A (Algo) Current liabilities LO 91, 92, {The following information applies to the questions displayed below) The following transactions appty to Ozark Saks for Year I: I. The business was started when the company received $49,000 from the issue of ccrmmon stock. Z Purchased equipment inventory of 5173.000 on account 3. Sold equipment for S201.SCO cash (not inc'uding sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of S126.SOO_ 4. Provided six-month warranty on the equipment sold. Eased on industry estimates. the warranty claims would amount to 3 percent of sales. 5. Paid the sales tax to the state agency on SISI.SOO of the sales. 6. On September I. Year I. borrowed S20.SOO from the local banz The note had a 7 percent interest rate and matured on March I. Year 2 7. Paid SS.SOO for warranty repairs during the year. 8. Paid operating expenses of SS2.SOO for the year. 9. Paid $12S.8CO of accounts payable 10. Recorded accrued interest on the note issued in transaction no. S. Exercise 9-8A (Algo) part e Regulred a. Show the effects of these transactions on the financial statements using a horizontal statements mel_ (Use a to indicate increase or a for decrease. In the Statement of Cash Flows column. indicate whether the item is an operating activity (OA). investing activity (IA). or financing activity (FA)_ Columns for events that have no effect on any of the elements should be Left blank.) Note: Not II cells wlll requlre en Input. Liabilities Statt of Ca sh