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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 received $48,000 from the issue of common stock. 2. Purchased equipment inventory of $177,500 on account 3. Sold equipment for $206,500 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $131,500. 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 $156,500 of the sales. 6. On September 1, Year 1, borrowed $20,000 from the local bank. The note had a 6 percent interest rate and matured on March 1, Year 2. 7. Paid $5,500 for warranty repairs during the year. 8. Paid operating expenses of $55,000 for the year. 9. Pald $124,600 of accounts payable. 10. Recorded accrued interest on the note issued in transaction no. 6. b-1. Prepare the income statement for Year 1. (Round your answers to the nearest dollar amount.) OZARK SALES Income Statement For the Year Ended December 31, Year 1 Sales revenue 0 Expenses Total expenses 0 0 0 b.2. Prepare the balance sheet for Year 1. (Round your answers to the nearest dollar amount.) OZARK SALES Balance Sheet As of December 31, Year 1 Assets Cash Merchandise inventory $ Total assets Liabilities Accounts payable Sales tax payable Notes payable Warranty payable Interest payable 20,000 20,000 Total liabilities Stockholders' equity Common stock Retained earnings $ 48,000 Total stockholders' equity Total liabilities and stockholders' equity 48,000 68,000 $