Required information {The following information applies to the questions displayed below.) The following transactions apply to Ozark Sales for Yeart: 1. The business was started when the company received $49,000 from the issue of common stock. 2. Purchased equipment inventory of $177,500 on account 3. Sold equipment for $202,500 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $127.500. 4. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 5 percent of sales 5. Paid the sales tax to the state agency on $152,500 of the sales. 6. On September 1, Year 1, borrowed $19,500 from the local bank. The note had a 6 percent interest rate and matured on March 1, Year 2 7. Pald $5,700 for warranty repairs during the year. 8. Paid operating expenses of $55,500 for the year, 9. Paid $125,600 of accounts payable 10. Recorded accrued interest on the note issued in transaction no. 6. b-1. Prepare the income statement for Year 1. (Round your answers to the nearest dollar amount.) OZARK SALES Income Statement For the Year Endod December 31, Yoar 1 Cash Merchandise Inventory OD b-1. Prepare the income statement for Year 1. (Round your answers to the nearest dolla OZARK SALES Income Statement For the Year Endod December 31, Year 1 Cash Merchandise inventory s Expenses Total expenses 0 0 $ b-2. Prepare the balance sheet for Year 1. (Round your answers to the nearest dollar amount.) Bilant sho Assets Total assets $ 0 Liabilities 0 Total liabilities Stockholders' equity o 0 Total stockholders' equity Total liabilities and stockholders' equity $ 0 b-3. Prepare the statement of cash flows for Year 1. (Enter amounts to be deducted and cash outflows with a minus sign. Round your answers to the nearest whole dollar.) OZARK SALES statement of Cash Flow For the Year Ended December 31, Year 1 Cash flows from operating activities: $ 0 Net cash flows from operating activities Cash flows from investing activities: Cash flows from financing activities 0 Net cash flows from financing activities Net change in cash 0 $ 0 Ending cash balance