Required information (The following information applies to the questions displayed below.) Sage Inc, experienced the following transactions for Year 1, its first year of operations: 1. Issued common stock for $100,000 cash. 2. Purchased $200,000 of merchandise on account. 3. Sold merchandise that cost $154,000 for $306,000 on account. 4. Collected $266,000 cash from accounts receivable. 5. Paid $180,000 on accounts payable. 6. Paid $66,000 of salaries expense for the year. 7. Pald other operating expenses of $82,000. 8. Sage adjusted the accounts using the following information from an accounts receivable aging schedule: Allowance Balance Number of Days Past Due Current 0-30 31-60 61-90 Over 90 days Amount $ 24,000 10,000 2,000 2,000 2,000 Percent Likely to Be Uncollectible 0.01 0.05 0.10 0.20 0.50 b. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Sag Inc. for Year 1. Complete this question by entering your answers in the tabs below. Required B Inc Required B Stmt Required B Bal Required B Stmt Sheet Stmt Cash Stkholder Eq Flows Prepare an income statement for Sage Inc. for Year 1. SAGE INC. Income Statement For the Year Ended Year 1 Operating expenses Total operating expenses Bline Required B Stmt Stkholder EQ > Complete this question by entering your answers in the tabs below. Required B Required B Inc Required B Required B Bal Stmt Stmt Cash Stmt Sheet Stkholder Eq Flows Prepare the statement of changes in stockholders' equity for Sage Inc. for Year 1. SAGE INC. Statement of Changes in Stockholders' Equity For the Year Ended Year 1 Beginning common stock Ending common stock Beginning retained earnings Ending retained earnings Total stockholders' equity 2 sign.) SAGE INC. Statement of Cash Flows For the Year Ended Year 1 Cash flows from operating activities: Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net cash flows from financing activities Net change in cash Ending cash balance