Required Information [The following information applies to the questions displayed below] The following transactions apply to Ozark Sales for Year t: 1. The business was started when the company received $49,500 from the issue of common stock. 2. Purchased equipment inventory of $175,500 on account. 3. Sold equipment for $210,000cash (not including sales tax). Sales tax of 8 percent is collected when the merchandise is sold. The merchandise had a cost of $135,000. 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 $160,000 of the sales, 6. On September 1, Year 1, borrowed $21,000 from the local bank. The note had a 6 percent interest rate and matured on March 1, Yeor 2. 7. Paid $5,400 for warranty repairs during the year. 8. Pald operating expenses of $53,500 for the year. 9. Paid $125,000 of accounts payable. 10. Recorded accrued interest on the note issued in transaction no, 6 . b-1. Prepare the income statement foc Year 1 . Note: Round your answers to the nearest dollar amount. b-1. Prepare the income statement for Year 1. Note: Round your answers to the nearest dollar amount. b-2. Prepare the balance sheet for Year 1 . Note: Round your answers to the nearest dollar amount. \begin{tabular}{|l|l|l|} \hline & & 0 \\ \hline Total liabilities & & \\ \hline Siockholders' equity & & \\ \hline Common stock & & \\ \hline Retained earnings & & \\ \hline & & \\ \hline Total stockholders' equity & & \\ \hline Total liablities and stockholders' eauity & & 0 \\ \hline \end{tabular} (1) Required information