owing transactions apply to Ozark Sales for Yeart SON 1. The business was started when the company received $49,500 from the issue of common stock 2. Purchased equipment inventory of $177,000 on account 3. Sold equipment for $193.000 cash (not including sales tax). Sales tax of 8 percent is collected when the merchandise is sold. The merchandise had a cost of $118,000, 4. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 4 percent of sales. 5. Paid the sales tax to the state agency on 5143,000 of the sales 6. On September Year 1, borrowed $22.000 from the local bank. The note had a 5 percent interest rate and matured on March 1 Year 2 7. Paid $5,900 for warranty repairs during the year 8. Paid operating expenses of $55,000 for the year 9. Paid $125 200 of accounts payable 10. Recorded accrued interest on the note issued in transaction no. 6. TE Required a. Record the given transactions in a horizontal statements model b. Prepare the income statement balance sheet and statement of cash flows for Year 1 c. What is the total amount of current liabilities at December 31 Year 17