Sage Inc. experienced the following transactions for 2018, its first year of operations 1. Issued common stock for $90,000 cash 2. Purchased $200,000 of merchandise on account 3. Sold merchandise that cost $150,000 for $298,000 on account. 4. Collected $260,000 cash from accounts receivable 5. Paid $180,000 on accounts payable 6. Paid $64,000 of salaries expense for the year. 7. Paid other operating expenses of $80,000 8. Sage adjusted the accounts using the following information from an accounts receivable aging schedule Number of Days Past Due Percent Likely to Allowance Current 0-30 31-60 61-90 Over 90 days $22,800 9,500 1,900 1,900 Amount Be Uncollectible Balance 0.01 0.05 0.10 0.20 1,900 0.50