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 $174,500 on account. 3. Sold equipment for $203,000 cash (not including sales tax). Sales tax of 8 percent is collected when the merchandise is sold. The merchandise had a cost of $128,000. 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 $153,000 of the sales. 6. On September 1, 2018, borrowed $21,000 from the local bank. The note had a 6 percent interest rate and matured on March 1, 2019. 7. Pald $5,700 for warranty repairs during the year. 8. Pald operating expenses of $52,500 for the year. 9. Paid $125,800 of accounts payable. 10. Recorded accrued interest on the note Issued in transaction no. 6. OZARK Horizontal Statements Model Balance Sheet Income Statement Llabilities + Stockholders' Equity Net Statement of Cash Flows Revenue - Expense Cash - Merchandise Inventory Accounts Payable Sales Tax Payable Warranty Payable Interest P ayable Notes Payable Common Stock Retained Earnings Income . 0+ 0 + 0 + 0 + 0 - 0 0 - 0 0 0