K ces Sage Incorporated experienced the following transactions for Year 1, its first year of operations: 1. Issued common stock for $80,000 cash. 2. Purchased $210,000 of merchandise on account. 3. Sold merchandise that cost $156,000 for $310,000 on account. 4. Collected $278,000 cash from accounts receivable. 5. Paid $190,000 on accounts payable. 6. Paid $48,000 of salaries expense for the year. 7. Paid other operating expenses of $64,000. 8. Sage adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Current 0 to 30 31 to 60 61 to 90 Over 90 days Amount $19, 200 8,000 1,600 1,600 1,600 Percent Likely to Be Uncollectible 0.01 0.05 0.10 0.20 0.50 Allowance Balance Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement o Sage Incorporated for Year 1

Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Sage Incorporated for Year 1. c. What is the net realizable value of the accounts receivable at December 31 , Year 1 ? Complete this question by entering your answers in the tabs below. Organize the transaction data in accounts under an accounting equation. Note: Enter any decreases to account balances with a minus sign. Leave cells blank if no input is needed. Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Sage Incorporated for Year 1. c. What is the net realizable value of the accounts receivable at December 31 , Year 1 ? Complete this question by entering your answers in the tabs below. Organize the transaction data in accounts under an accounting equation. Note: Enter any decreases to account balances with a minus sign. Leave cells blank if no input is needed