Prepare a statement of changes in stockholders' equity for Year 1 . (Enter amounts to be ded Preoare a statement of cash flows for Year 1. (Enter cash outflows and amounts to be Prepare an income statement for Year 1. \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ PARK COMPANY } \\ \hline \multicolumn{2}{|c|}{ As of December 31, Year 1 } \\ \hline Assets & & \\ \hline Cash & \\ \hline Merchandise inventory & \\ \hline & \\ \hline Total assets & & \\ \hline Liabilities & & \\ \hline Employee income tax payable & & \\ \hline Interest payable & & \\ \hline Federal unemployment tax payable & \\ \hline FICA tax payable-Medicare & \\ \hline FICA tax payable-Social security & \\ \hline Notes payable & & \\ \hline Sales tax payable & & \\ \hline State unemployment tax payable & \\ \hline Warranties payable & \\ \hline \end{tabular} Requlred Information Exercise 9-13A (Algo) Comprehensive single-cycle problem LO 9-1, 9-2, 9-4, 9-5 [The following information applles to the questlons displayed below.] The following transactions apply to Park Company for Year 1: 1. Recelved $30,500 cash from the issue of common stock. 2. Purchased inventory on account for $141,000. 3. Sold Inventory for $173,000 cash that had cost $106,000. Sales tax was collected at the rate of 5 percent on the Inventory sold. 4. Borrowed $19,200 from First State Bank on March 1, Year 1. The note had a 5 percent interest rate and a one-year term to maturity. 5. Pard the accounts payable (see transaction 2). 6. Pard the sales tax due on $150,000 of sales. Sales tax on the other $23,000 is not due until after the end of the year. 7. Salarles for the year for one employee amounted to $27,000. Assume the Social Security tax rate is 6 percent and the Medicare tax rate is 1.5 percent. Federal income tax withheld was $5,000. 8. Paid $2,700 for warranty repairs during the year. 9. Pald $13,000 of other operating expenses during the year. 10. Paid a dividend of $5,000 to the shareholders. Ad]ustments: 11. The products sold in transaction 3 were warranted. Park estimated that the warranty cost would be 6 percent of sales. 12. Record the accrued interest at December 31 , Year 1. 13. Record the accrued payroll tax at December 31, Year 1. Assume no payroll taxes have been pald for the year and that the unemployment tax rate is 6.0 percent (federal unemployment tax rate is 0.60 percent and the state unemployment tax rate is 5.40 percent on the first $7,000 of earnings per employee). Exercise 9-13A (Algo) Part c c-1. Prepare an Income statement for Year 1. c-2. Prepare a statement of changes in stockholders' equity for Year 1. c-3. Prepare a balance sheet for Year 1. c-4. Prepare a statement of cash flows for Year 1