Required Information

$[$The following information applles to the questions displayed below.$]$

The following transactions apply to Ozark Sales for Year $1$:

The business was started when the company recelved $$49,500$ from the Issue of common stock.

Purchased equipment Inventory of $$177,000$ on account.

Sold equipment for $$210,000$ cash $($not Including sales tax$).$ Sales tax of $8$ percent is collected when the merchandise is

sold. The merchandise had a cost of $$135,000.$

Provided a six$-$month warranty on the equipment sold. Based on Industry estimates, the warranty clalms would amount

to $4$ percent of sales.

Pald the sales tax to the state agency on $$160,000$ of the sales.

On September $1,$ Year $1,$ borrowed $$21,000$ from the local bank. The note had a $6$ percent interest rate and matured on

March $1,$ Year $2.$

Pald $$5,400$ for warranty repalrs during the year.

Pald operating expenses of $$55,000$ for the year.

Pald $$124,800$ of accounts payable.

Recorded accrued Interest on the note issued in transaction no$.6.$

b$-1.$ Prepare the income statement for Year $1.$

Note: Round your answers to the nearest dollar amount.