Required information Exercise 9-8A 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 $177,000 on account. 3. Sold equipment for $191,000 cash (not including sales tax). Sales tax of 6 percent is collected when the merchandise is sold. The merchandise had a cost of $116,000 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 $141,000 of the sales. 6. On September 1, Year 1, borrowed $21,000 from the local bank. The note had a 5 percent interest rate and matured on March 1, Year 2 7. Paid $5,700 for warranty repairs during the year. 8. Paid operating expenses of $54,500 for the year. 9. Paid $124.500 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 0 Expenses Total operating expenses 0 0 $ 0 renare the hanno choot tar var 1 FUARA Bretanha nasra allar mm 2 Required information Balance Sheet As of December 31, Year 1 t 2 of 3 Assets 2 ts $ 0 Total assets Liabilities eBook Hint Ask Print 0 Total liabilities Stockholders' equity 2 3 of 15 Next > Stockholders' equity 0 Total stockholders' equity Total liabilities and stockholders' equity $ 0 Required information 13 the Year End December Year Cash flow from operating activities: $ 0 Net cash flow from operating activities Cash flows from investing activities: Cash flows from financing activities 0 Net cash flows from financing activities Net change in cash 0 0 Net cash flows from financing activities Net change in cash 0 $ 0 Ending cash balance