Required information The following information opplies fo the questions disployed betow) The following transactions apply to Ozark Sales for Yoar 1 . 1. The business was started when the company received $50,000 from the issue of common stock 2. Purchased merchandise inventory of $380,000 on account. 3. Sold merchandise for $10,000 cash (not including sales tax). Sales tax of 8 percent is collocted when the merchandise is 5old. The merchandise had a cost of $330,000. 4. Provided a six-month warranty on the merchandise sold. Based on industry estimates, the warranty. claims would amount to 2 percent of sales. 5. Paid the sales tax to the state apency on $400,000 of the sales: 6. On September 1, Year 1, borrowed $50,000 from the local banic. The note had a 4 percent interest rate and matured on March 1 , Year 2. 7. Paid $6,200 for warranty repairs during the year. 8. Paid operating expenses of $78,000 for the year. 9. Paid $250,000 of accounts payable. 10. Recorded occrued interest on the note issued in transaction no. 6 . c-1. Prepare the income statement for Year 1. c-2. Prepare the balance sheet for Year 1. c.3. Propare the statement of cash flows for Year 1