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

Issued common stock for $$120,000$ cash.

Purchased $$205,000$ of merchandise on account.

Sold merchandise that cost $$162,000$ for $$322,000$ on account.

Collected $$286,000$ cash from accounts receivable.

Paid $$185,000$ on accounts payable.

Paid $$52,000$ of salaries expense for the year.

Paid other operating expenses of $$68,000.$

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

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

Incorporated for Year $1.$

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

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