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 $50,000 from the issue of common stock 2. Purchased equipment inventory of $380,000 on account. 3. Sold equipment for $510,000 cash (not including sales tax). Sales tax of 8 percent is collected when the merchandise is sold. The merchandise had a cost of $330,000. 4. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 2 percent of sales. 5. Paid the sales tax to the state agency on $400,000 of the sales, 6. On September 1, 2018, borrowed $50,000 from the local bank. The note had a 4 percent interest rate and matured on March 1, 2019. 7. Paid $6,200 for warranty repairs during the year. 8. Pald operating expenses of $78,000 for the year. 9. Paid $250,000 of accounts payable. 10. Recorded accrued interest on the note issued in transaction no. 6. OZARK SALES Income Statement For the Year Ended December 31, 2018 Sales revenue Expenses Total operating expenses n n Nrmr i Required information OZARK SALES Balance Sheet As of December 31, 2018 Assets $ 0 Total assets Liabilities Total liabilities Stockholders' equity