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 $$177,000$ on account.

Sold equipment for $$206\mathrm{.}500$ cash $($not including sales tax$).$ Sales tax of $7$ percent is collected when the merchandise is sold. The

merchandise had a cost of $$131,500.$

Provided a six$-$month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to $4$ percent

of sales.

Paid the sales tax to the state agency on $$156,500$ of the sales.

On September $1.$ Year $1,$ borrowed $$19\mathrm{.}000$ from the local bank. The note had a $6$ percent interest rate and matured on March $1,$ Year

$2$

Paid $$6\mathrm{.}000$ for warranty repairs during the year.

Paid operating expenses of $$52,500$ for the year.

Paid $$124\mathrm{.}200$ of accounts payable.

Recorded accrued interest on the note issued in transaction no$.6.$