! 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 $177.000 on account. 3. Sold equipment for $200,500 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $125,500. 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 $150,500 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 $5,900 for warranty repairs during the year. 8. Paid operating expenses of $53,000 for the year. 9. Paid $125,500 of accounts payable. 10. Recorded accrued interest on the note issued in transaction no. 6. b-1. Prepare the income statement for Year 1. Note: Round your answers to the nearest dollar amount. Required information Assets UZARK SALES Balance Sheet As of December 31, Year 1 Total assets Liabilities Total liabilities Stockholders' equity $ 0 Total stockholders' equity 0 0 OZARK SALES Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities: Net cash flows from operating activities Cash flows from investing activities: Cash flows from financing activities Net cash flows from financing activities Net change in cash CO 0 0 0 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 $177,000 on account. 3. Sold equipment for $200,500 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $125,500. 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 $150,500 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 $5,900 for warranty repairs during the year. 8. Paid operating expenses of $53,000 for the year. 9. Paid $125,500 of accounts payable. 10. Recorded accrued interest on the note issued in transaction no. 6. c. What is the total amount of current liabilities at December 31, Year 1? Note: Round your answer to the nearest dollar amount. Total current liabilities