The following transactions apply to Ozark Sales for Year 1 1. The business was started when the company recelved $50,000 from the issue of common stock, 2. Purchased equipment inventory of $380,000 on account 3. Sold equipment for $510,000 cash (not including sales tax) Sales tax of 8 percent is collected when the merchandise is sold. The merchandise had a cost of $330,000 4. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 2 percent of sales 5. Paid the sales tax to the state agency on $400,000 of the sales 6. On September 1, Year 1, borrowed $50,000 from the local bank. The note had a 4 percent interest rate and matured on March 1, Year 2 7. Paid $6,200 for warranty repairs during the year. B. Pald operating expenses of $78,000 for the year 9. Paid $250,000 of accounts payable. 10. Recorded accrued interest on the note Issued in transaction no. 6. Required o. Record the given transactions in a horizontal statements model b. Prepare the income statement balance sheet, and statement of cash flows for Year 1 c. What is the total amount of current liabilities at December 31, Year 12 DARK MALES Horola Model Talance sheet E Annet Merchandise Inventory koder Common Stack Accounts Payable Notes Payable Warranty Payable Tax Payable Emine + + 4 -NR-GO 16 + + 7 + 10 0 0 0 0 0 Regine St> For the Year Ended December 31, Year 1 Cash flows from operating activities: Inflow from customers $ 510,000 Inflow from sales tax 40,800 Outflow to purchase inventory (250,000) Outflow for expenses (84,200) Outflow for sales tax (32,000) $ 184,600 Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Inflow from stock issue $ 50,000 Net cash flows from financing activities Net change in cash 50.000 234 600 Ending cash balance S234 600 What is the total amount of current liabilities at De Total current liabilities