Sage Inc. experienced the following transactions for Year $1,$ its first year of operations:

Issued common stock for $$110,000$ cash.

Purchased $$190,000$ of merchandise on account.

Sold merchandise that cost $$156,000$ for $$310,000$ on account.

Collected $$276,000$ cash from accounts receivable.

Paid $$170,000$ on accounts payable.

Paid $$54,000$ of salaries expense for the year.

Paid other operating expenses of $$70,000.$

Sage adjusted the accounts using the following information from an accounts receivable aging schedule:

$\backslash$table$[[\backslash$table$[[$Number of Days$],[$Past Due$]],$Amount,$\backslash$table$[[$Percent Likely to Be$],[$Uncollectible$]],\backslash$table$[[$Allowance$],[$Balance$]]],[$Current$,$$$20,400,0\mathrm{.}01,],[0-30,8,500,0\mathrm{.}05,],[31-60,1,700,0\mathrm{.}10,],[61-90,1,700,0\mathrm{.}20,],[$Over $90$ days,$1,700,0\mathrm{.}50,]]$

Required

a$.$ Organize the transaction data in accounts under an accounting equation.

b$.$ Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Sage Inc. for Year $1.$

c$.$ What is the net realizable value of the accounts receivable at December $31,$ Year $1?$