[The following information applies to the questions displayed below.] Sage Incorporated experienced the following transactions for Year 1, its first year of operations: 1. Issued common stock for $90,000 cash. 2. Purchased $205.000 of merchandise on account. 3. Sold merchandise that cost $156,000 for $310,000 on account. 4. Collected $274.000 cash from accounts recelvable. 5. Paid $185,000 on accounts payable. 6. Paid $60,000 of salaries expense for the year. 7. Paid other operating expenses of $76,000; 8. Sage adjusted the accounts using the following information from an accounts receivable agiog Prepare an income statement for Sage Incorporated for Year 1. Prepare the statement of changes in stockholders' equity for Sage It Required information SAGE INCORPORATED Balance Sheet As of the End of the Year 1