Required information [The following information applies to the questions displayed below.] Sage Incorporated experienced the following transactions for Year 1, its first year of operations: 1. Issued common stock for $90,000 cash. 2. Purchased $205,000 of merchandise on account. 3. Sold merchandise that cost $156,000 for $310,000 on account. 4. Collected $274,000 cash from accounts receivable. 5. Paid $185,000 on accounts payable. 6. Paid $60,000 of salaries expense for the year. 7. Paid other operating expenses of $76,000. 8. Sage adjusted the accounts using the following information from an accounts receivable aging sched Required: a. Organize the transaction data in accounts under an accounting equation. Note: Enter any decreases to account balances with a minus sign. Not all cells require input. SAGE INCORPORATION Accounting Equation for Year 1