Required information The following information applies to the questions displayed below. The following transactions apply to Ozark Sales for 2018: 1. The business was started when the company received $50,000 from the issue of co 2. Purchased equipment inventory 3. Sold equipment for S510000 cash (not including sales tax) Sales tax of 8 percent is collected when the merchandise is 4. Provided a six-month warranty on the equipment sold. Based on industry estimates of $380,000 on account The merchandise had a cost of $330,000. , the warranty claims would amount to 2 percent of sales 5. Paid the sales tax to the state agency on $400,000 of the sales 6. On September 1, 2018, borrowed $50,000 from the local bank. The note had a 4 percent interest rate and matured on March 1, 2019. 7. Paid $6,200 for warranty repairs during the year 8. Paid operating expenses of $78,000 for the year 9. Paid $250000 of accounts payable. 10. Recorded accrued interest on the note issued in transaction no. 6