Required Information Exercise 9-8A (Algo) Current liabilities LO 9-1, 9-2, 9-4 [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 $49,000 from the issue of common stock 2. Purchased equipment Inventory of $175,000 on account. 3. Sold equipment for $201,500 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $126,500. 4. Provided a six-month warranty on the equipment sold. Based on Industry estimates, the warranty claims would amount to 3 percent of sales. 5. Pald the sales tax to the state agency on $151,500 of the sales. 6. On September 1, Year 1, borrowed $20,500 from the local bank. The note had a 7 percent interest rate and matured on March 1, Year 2 7. Paid $5,500 for warranty repairs during the year 8. Pald operating expenses of $52,500 for the year 9. Pald $125,800 of accounts payable. 10. Recorded accrued interest on the note issued in transaction no. 6. Exercise 9-8A (Algo) Part c acct pay What is the total amount of current liabilities at December 31, Year 1? Sales Hote: Round your answer to the nearest dollar amount. 175.000-125 800 = 4920 (201,500-151,500) 7% -13,048 Total current liabilities Answer is complete but not entirely correct. 39.491 warranty (201500.3%)-5500- 546 Notespaghe 26,500 Interest pay 20,500.77.4 -478 12 39.491