The following transactions apply to Ozark Sales for Year 1: 1. The business was started when the company received $48,500 from the issue of common stock. 2. Purchased equipment inventory of $177,500 on account. 3. Sold equipment for $197,000 cash (not including sales tax). Sales tax of 6 percent is collected when the merchandise is sold. The merchandise had a cost of $122,000. 4. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 5 percent of sales. 5. Paid the sales tax to the state agency on $147,000 of the sales. 6. On September 1, Year 1, borrowed $19,000 from the local bank. The note had a 7 percent interest rate and matured on March 1, Year 2. 7. Paid $5,700 for warranty repairs during the year. 8. Paid operating expenses of $52,500 for the year. 9. Paid $125,400 of accounts payable. 10. Recorded accrued interest on the note issued in transaction no. 6. Required a. 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 1? Complete this question by entering your answers in the tabs below. Req B Inc Req B Bal Req 8 Stmt Req A Stmt Sheet Cash Flows Req C Record the given transactions in a horizontal statements model. (Enter any decreases to account balances and cash outflows with a minus sign. In the Cash Flow column, a financing activity (FA), and leave the cell blank if there is no effect. Do not round intermediate calculations and round your answers to the nearest whole dollar amounts Req B Inc Req A Stmt Req B Bal Req Stmt Sheet Cash Flows Reg C Record the given transactions in a horizontal statements model. (Enter any decreases to account balances and cash outflows with a minus sign. In the Cash Flow column, ind financing activity (FA), and leave the cell blank if there is no effect. Do not round intermediate calculations and round your answers to the nearest whole dollar amounts. N OZARK SALES Horizontal Statements Modal Balance Sheet Income Statement Assets vent No Cash Merchandise Inventory Accounts Payable Sales Tax Payable Liabilities Warranty Payable Stockholders' Equity Statement Interest Notes Payable Payable Common Retained Revenue Expense Net Income Fla Stock Earnings 1. 2 + 3a + 3b 4. 5. 6. 7 8 . 9 10. 10 al 0+ 0+ 0+ 0+ . . . 0 Reg A Req B Inc Stmt > Expenses OZARK SALES Income Statement For the Year Ended December 31, Year 1 Total operating expenses ney M Stmt Sheet Cash Flows ney c Prepare the balance sheet for Year 1. (Round your answers to the nearest OZARK SALES Balance Sheet As of December 31, Year 1 Assets Total assets Liabilities Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity S $ 0 $ 0 $ 0 Stmt Sheet Cash Flows Prepare the statement of cash flows for Year 1. (Cash outflows should be OZARK SALES Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net cash flows from financing activities Net change in cash Ending cash balance $ 0 0 0 $ 0 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 1? Complete this question by entering your answers in the tabs below. Req A Req B Inc. Stmt Req B Bal Sheet Req B Stmt Cash Flows Req C What is the total amount of current liabilities at December 31, Year 1? (Round your answer to the nearest whole dollar.) Total current liabilities