The following information applies to the questions displayed below.]

Sage Inc. experienced the following transactions for 2018, its first year of operations:

Issued common stock for $50,000 cash.

Purchased $140,000 of merchandise on account.

Sold merchandise that cost $110,000 for $250,000 on account.

Collected $236,000 cash from accounts receivable.

Paid $118,000 on accounts payable.

Paid $50,000 of salaries expense for the year.

Paid other operating expenses of $28,000.

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

Required information [The following information applies to the questions displayed below. Sage Inc. experienced the following transactions for 2018, its first year of operations: 1. Issued common stock for $50,000 cash. 2. Purchased $140,000 of merchandise on account. 3. Sold merchandise that cost $110,000 for $250,000 on account. 4. Collected $236,000 cash from accounts receivable 5. Paid $118,000 on accounts payable 6. Paid $50,000 of salaries expense for the year 7. Paid other operating expenses of $28,000. 8. Sage adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Percent Likely to Be Uncollectible 0.01 0.05 0.10 0.20 0.50 Allowance Balance Current 0-30 31-60 61-90 Over 90 days Amount $10,000 2,000 1,200 500 300 b. Prepare the income statement, statement of changes in stockholders' equity, balance sheet, and statement of cash flows for Sage Inc. for 2018