Required information [The following information applies to the questions displayed below.] Sage Inc. experienced the following transactions for Year 1, its first year of operations: 1. Issued common stock for $90,000 cash. 2. Purchased $185,000 of merchandise on account. 3. Sold merchandise that cost $150,000 for $298,000 on account. 4. Collected $264,000 cash from accounts receivable. 5. Paid $165,000 on accounts payable. 6. Paid $66,000 of salaries expense for the year. 7. Paid other operating expenses of $82,000. 8. Sage adjusted the accounts using the following information from an accounts receivable aging schedule: Allowance Balance Number of Days Past Due Current 030 31-60 6190 Over 90 days Amount $20,400 8,500 1,700 1,700 1,700 Percent Likely to Be Uncollectible 0.01 0.05 0.10 0.20 0.50 equired . Organize the transaction data in accounts under an accounting equation. (Enter any decreases to account alances with a minus sign. Not all cells in the "Accounts Titles for Retained Earnings" column may require an iput - leave cells blank if there is no corresponding Retained Earnings input needed.) SAGE INC. Accounting Equation for the Year 1 Assets Liabilities + Equity Accounts Merchandise Accounts Common Retained Allowance + Receivable Inventory Payable Stock Earnings Event Accounts Titles for Re Earnings Cash + 1. + + + + 2. + + + . + + + 3b. + + + 4. + + + = 5. + + + 6. + + + 7. + + = + 8. + + + + 3al. 0 + 0 0 + 0 = 0 + 0 = 0 b. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Sage Inc. for Year 1. Complete this question by entering your answers in the tabs below. Required B Inc Stmt Required B Stmt Stkholder Eq Required B Bal Sheet Required B Stmt Cash Flows Prepare an income statement for Sage Inc. for Year 1. SAGE INC. Income Statement For the Year Ended Year 1 Operating expenses Total operating expenses 0 Complete this question by entering your answers in the tabs below. Required B Inc Stmt Required B Stmt Stkholder Eq Required B Bal Sheet Required B Stmt Cash Flows Prepare the statement of changes in stockholders' equity for Sage Inc. for Year 1. SAGE INC. Statement of Changes in Stockholders' Equity For the Year Ended Year 1 Beginning common stock $ 0 Ending common stock Beginning retained earnings 0 Ending retained earnings Total stockholders' equity $ 0 Dourad Rinemt Dauired Roel Sheet SAGE INC. Balance Sheet As of the End of the Year 1 Assets 0 Total assets 0 Liabilities Total liabilities 0 Stockholders' equity o Total stockholders' equity Total liabilities and stockholders' equity O SAGE INC. Statement of Cash Flows For the Year Ended Year 1 Cash flows 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 Ending cash balance $ 0