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 recelved $50.000 from the issue of common stock. 2. Purchased merchandise inventory of $174,000 on account. 3. Sold merchandise for $205,000 cash (not including sales tax). Sales tax of 8 percent is collected when the merchandise is sold. The merchandise had a cost of $130,000. 4. Provided a six-month warranty on the merchandise 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 $155,000 of the sales. 6. On September 1, Year 1, borrowed $20,500 from the local bank. The note had a 6 percent interest rate and matured on March 1, Year 2. 7. Paid $5,500 for warranty repairs during the year. 8. Paid operating expenses of $55,500 for the year. 9. Paid $124,400 of accounts payable. 10. Recorded accrued interest on the note issued in transaction number 6. 1. The business was started when the company received $50,000 from the isst 2. Purchased merchandise inventory of $174,000 on account. 3. Sold merchandise for $205,000 cash (not including sales tax). Sales tax of 8 merchandise is sold. The merchandise had a cost of $130,000. 4. Provided a six-month warranty on the merchandise sold. Based on industry e amount to 4 percent of sales. 5. Paid the sales tax to the state agency on $155,000 of the sales. 6. On September 1, Year 1, borrowed $20,500 from the local bank. The note had March 1, Year 2. 7. Paid $5,500 for warranty repairs during the year. 8. Paid operating expenses of $55,500 for the year. 9. Paid $124,400 of accounts payable. 10. Recorded accrued interest on the note issued in transaction number 6 . d. What is the total amount of current liabilities at December 31 , Year 1 ? (Round your int