The following transactions apply to Ozark Sales for Year 1: 1. The business was started when the company received $49.000 from the issue of common stock. 2. Purchased equipment inventory of $176,500 on account. 3. Sold equipment for $198,000 cash (not including sales tax). Sales tax of 6 percent is collected when the merchandise is sold. The merchandise had a cost of $123,000. 4. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 3 percent of sales. 5. Paid the sales tax to the state agency on $148,000 of the sales. 6. On September 1, Year 1, borrowed $21,500 from the local bank. The note had a 6 percent interest rate and matured on March 1 Year 7. Paid $5.600 for warranty repairs during the year. 8. Pald operating expenses of $53,000 for the year. 9. Paid $125,800 of accounts payable. 10. Recorded accrued interest on the note issued in transaction no. 6. 2. 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 12 Check my work 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 Assots Balance Sheet Liabilities OZARK SALES Horizontal Statements Model Income Statement Stockholders' Equity Net Interest Notes Common Retained Revenue Expense Payable Income Payable Stock Earnings Event No Statem Cath . Merchandise Inventory Accounts Payable Sales Tax Payable Warranty Payable 1 2 Ja + + + + + . . 3b 4 5 6 7 8 9. + 10 Bal + 0+ + 01 - 0 0+ 0 Reg B Inc St> Req A Req B Inc Stmt Req B Bal Sheet Req B Stmt Cash Flows Reqc Prepare the income statement for Year 1. (Round your answers to the nearest whole dollar.) OZARK SALES Income Statement For the Year Ended December 31, Year 1 Expenses Total operating expenses OZARK SALES Balance Sheet As of December 31, Year 1 Assets $ 0 Total assets Liabilities Total liabilities $ 0 Stockholders' equity 0 Total stockholders' equity Total liabilities and stockholders' equity $ $ 0 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 A Reg B Stmt Stmt Sheet Cash Flows Rego What is the total amount of current liabilities at December 31, Year 1? (Round your answer to the nearest whole dollar) Total current liabilities