The business was started when the company received $48,500 from the issue of common stock. Purchased equipment inventory of $176,000 on account. Sold equipment for $198,000 cash (not including sales tax). Sales tax of 8 percent is collected when the merchandise is sold. The merchandise had a cost of $123,000. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 5 percent of sales. Paid the sales tax to the state agency on $148,000 of the sales. On September 1, Year 1, borrowed $19,500 from the local bank. The note had a 7 percent interest rate and matured on March 1, Year 2. Paid $5,600 for warranty repairs during the year. Paid operating expenses of $52,500 for the year. Paid $124,400 of accounts payable. Recorded accrued interest on the note issued in transaction no. 6. Required Record the given transactions in a horizontal statements model. Prepare the income statement, balance sheet, and statement of cash flows for Year 1. What is the total amount of current liabilities at December 31, Year 1?