Required information [The following information applies to the questions displayed below.] The following transactions apply to Ozark Sales for 2018: 1. The business was started when the company received $48,000 from the issue of common stock. 2. Purchased equipment inventory of $176,500 on account. 3. Sold equipment for $192,000 cash (not including sales tax). Sales tax of 6 percent is collected when the merchandise is sold. The merchandise had a cost of $117,000. 4. Provided a six-month warranty on the equipment 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 $142,000 of the sales. 6. On September 1, 2018, borrowed $19,500 from the local bank. The note had a 5 percent interest rate and matured on March 1, 2019. 7. Paid $5,700 for warranty repairs during the year. 8. Paid operating expenses of $55,000 for the year. 9. Paid $125,100 of accounts payable. 10. Recorded accrued interest on the note issued in transaction no. 6.