Prepare an income statement, balance sheet & statement of cash flow.

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 $49,500 from the issue of common stock. 2. Purchased equipment inventory of $178,000 on account. 3. Sold equipment for $192,000 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $117.000. 4. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 5 percent of sales. 5. Paid the sales tax to the state agency on $142,000 of the sales. 6. On September 1, Year 1, borrowed $21,500 from the local bank. The note had a 6 percent interest rate and matured on March 1, Year 2 7. Paid $5,700 for warranty repairs during the year. 8. Pald operating expenses of $53,000 for the year. 9. Paid $125,800 of accounts payable. 10. Recorded accrued interest on the note issued in transaction no. 6