Required information [The following information applies to the questions displayed below.] The following transactions apply to Ozark Sales for Year 1: 1. The business was started when the company received $49,000 from the issue of common stock. 2. Purchased merchandise inventory of $176,500 on account. 3. Sold merchandise for $207,500 cash (not including sales tax). Sales tax of 8 percent is collected when the merchandise is sold. The merchandise had a cost of $132,500. 4. Provided a six-month warranty on the merchandise 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 $157,500 of the sales. 6. On September 1 , Year 1 , borrowed $19,500 from the local bank. The note had a 5 percent interest rate and matured on March 1, Year 2. 7. Paid $6,000 for warranty repairs during the year. 8. Paid operating expenses of $53,000 for the year. 9. Paid $124,100 of accounts payable. 10. Recorded accrued interest on the note issued in transaction number 6 . c-1. Prepare the income statement for Year 1. c-2. Prepare the balance sheet for Year 1. c-3. Prepare the statement of cash flows for Year 1. d. What is the total amount of current liabilities at December 31, Year 1 ? (Round your intermediate calculation to the nearest dollar.)