The following transactions apply to Ozark Sales for Year 1: The business was started when the company received $49,000 from the issue of common stock. Purchased equipment inventory of $178,000 on account. Sold equipment for $195,500 cash (not including sales tax). Sales tax of 8 percent is collected when the merchandise is sold. The merchandise had a cost of $120,500. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 3 percent of sales. Paid the sales tax to the state agency on $145,500 of the sales. On September 1, Year 1, borrowed $21,500 from the local bank. The note had a 7 percent interest rate and matured on March 1,

c. What is the total amount of current liabilities at December 31, Year 1? Note: Round your answer to the nearest dollar amount