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 $48,500 from the issue of common stock. 2. Purchased equipment inventory of $174,000 on account. 3. Sold equipment for $207,000 cash (not including sales tax). Sales tax of 6 percent is collected when the merchandise is sold. The merchandise had a cost of $132,000. 4. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 3 percent of sales. 5. Paid the sales tax to the state agency on $157,000 of the sales. 6. On September 1, 2018, borrowed $22,000 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. Pald operating expenses of $55,000 for the year. 9. Paid $124,300 of accounts payable. 10. Recorded accrued interest on the note issued in transaction no. 6. Doured Saved Help s Required information OZARK Horizontal Statements Model Balance Sheet Liabilities Assets + Event No. Cash Merchandise Inventory Accounts Sales Tax Warranty Payable Payable Payable Interest Payable Stockholders' Equity Common Retained Stock Earnings Notes Payable 10. Bal. OZARK al Statements Model Income Statement + Stockholders' Equity Net Notes Common Retained Revenue - Expense = Income Payable Stock Earnings Statement of Cash Flows + IIIIIIIIIIIIIIIII Drow 12