Required information: [The following information applies to the questions displayed below] The following transactions apply to Ozark Sales for Year t 1. The business was started when the company received $48,000 from the issue of common stock. 2. Purchased merchandise inventory of $175,000 on account. 3. Sold merchandise for $209,000 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $134,000 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 $159,000 of the sales. 6. On September 1, Year 1, borrowed $20,000 from the local bank. The note had a 7 percent interest rate and matured on March 1, Year 2. 7. Paid $5,900 for warranty repairs during the year. 8. Paid operating expenses of $53,000 for the year 9. Paid $124,400 of accounts payable. 10. Recorded accrued interest on the note issued in transaction number 6. c-1. Prepare the income statement for Year 1 c-2. Prepare the balance sheet for Year 1. c-3. Prepare the statement of cash flows for Year 1.