The following transactions apply to Ozark Sales for Year $1$: The business was started when the company received $$48,000$ from the issue of common stock. Purchased equipment inventory of $$176,000$ on account. Sold equipment for $$204,000$ cash $($not including sales tax$).$ Sales tax of $7$ percent is collected when the merchandise is sold. The merchandise had a cost of $$129,000.$ Provided a six$-$month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to $5$ percent of sales. Paid the sales tax to the state agency on $$154,000$ of the sales. On September $1,$ Year $1,$ borrowed $$20,000$ from the local bank. The note had a $7$ percent interest rate and matured on March $1,$ Year $2.$ Paid $$5,900$ for warranty repairs during the year. Paid operating expenses of $$53,500$ for the year. Paid $$125,400$ of accounts payable. Recorded accrued interest on the note issued in transaction no$.6.$

$1.$ Prepare the balance sheet for Year $1$

$2.$Prepare the statement of cash flows for Year $1.$