Required information [The following information applies to the questions displayed below.] The following transactions apply to Ozark Sales for Year 1: The business was started when the company received $50,000 from the issue of common stock. Purchased equipment inventory of $174,000 on account. Sold equipment 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. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 5 percent of sales. Paid the sales tax to the state agency on $157,500 of the sales. On September 1, Year 1, borrowed $20,000 from the local bank. The note had a 5 percent interest rate and matured on March 1, Year 2. Paid $6,000 for warranty repairs during the year. Paid operating expenses of $55,000 for the year. Paid $124,100 of accounts payable. Recorded accrued interest on the note issued in transaction no. 6. c-1. Prepare the income statement for Year 1. (Round your answers to the nearest dollar amount.) c-2. Prepare the balance sheet for Year 1. (Round your answers to the nearest dollar amount.) c-3. Prepare the statement of cash flows for Year 1. (Amounts to be deducted and losses should be indicated with minus sign. Round your answers to the nearest dollar amount.)