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 $100,000 cash. 2. Purchased $200,000 of merchandise on account. 3. Sold merchandise that cost $160,000 for $318,000 on account. 4. Collected $278,000 cash from accounts receivable. 5. Paid $180,000 on accounts payable. 6. Paid $50,000 of salaries expense for the year. 7. Paid other operating expenses of $66,000. 8. Sage adjusted the accounts using the following information from an accounts receivable aging schedule: Percent Likely to Be Allowance Number of Days Past Due Current Amount $24,000 Uncollectible 0.01 0-30 10,000 0.05 31-60 2,000 0.10 61-90 2,000 0.20 Over 90 days 2,000 0.50 Balance 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 Required B Stmt Required B Bal Required B Stmt Cash ces Stkholder Eq 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 Ending common stock Beginning retained earnings Ending retained earnings $ 0 0 Total stockholders' equity $ 0 ces Prepare the balance sheet for Sage Inc. for Year 1. (Be sure to list the assets SAGE IN Balance Sheet As of the End of the Year 1 Assets Cash Total assets Liabilities Total liabilities Stockholders' equity 0 $ 0 0 Total stockholders' equity 0 Total liabilities and stockholders' equity $ 0 Required B Stmt Stkholder Eq Required B