Required information Required information The following information applies to the questions displayed below The following transactions apply to Ozark Sales for Year 1 The business was started when the company received $49,500 from the issue of common stock Purchased equipment inventory of $177,500 on account Sold equipment for $200,000 cash (not including sales tax) Sales tax of 6 percent is collected when the merchandise is sold The merchandise had a cost of $125,000 Provided a six month warranty on the equipment sold Based on industry estimates, the warranty claims would amount to 4 percent of sales Paid the sales tax to the state agency on $150,000 of the sales On September 1, Year 1, borrowed $20,000 from the local bank The note had a 5 percent interest rate and matured on March 1, Year 2 Paid $5,400 for warranty repairs during the year Paid operating expenses of $52,000 for the year Paid $125,800 of accounts payable Recorded accrued interest on the note issued in transaction no 6 Required What is the total amount of current liabilities at December 31, Year 1 (Round your answer to the nearest dollar amount )

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[The following information applies to the questions displayed below.] The following transactions apply to Ozark Sales for Year 1:

The business was started when the company received $49,500 from the issue of common stock.
Purchased equipment inventory of $177,500 on account.
Sold equipment for $200,000 cash (not including sales tax). Sales tax of 6 percent is collected when the merchandise is sold. The merchandise had a cost of $125,000.
Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 4 percent of sales.
Paid the sales tax to the state agency on $150,000 of the sales.
On September 1, Year 1, borrowed $20,000 from the local bank. The note had a 5 percent interest rate and matured on March 1, Year 2.
Paid $5,400 for warranty repairs during the year.
Paid operating expenses of $52,000 for the year.
Paid $125,800 of accounts payable.
Recorded accrued interest on the note issued in transaction no. 6.

Required . What is the total amount of current liabilities at December 31, Year 1? (Round your answer to the nearest dollar amount.)