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 $177,000 on account 3. Sold equlpment for $209.000 cash (not including sales tax Sales tsx of 7 percent is collected when the merchandises sold. The merchandise has a cost of $134.000 4. Provided a six-month warranty on the equipment sold. Based on Industry estimates, the warranty claims would smount to 5 percent of sales 5. Paid the sales tax to the state agency on $159.000 of the sales. 6. On September 1, Year 1, borrowed S1,500 from the local bank. The note had a 5 percent Interest rate and matured on March 1, Year 2 7. Pald $5,600 for warranty repairs during the year. 8. Pald operating expenses of $54,500 for the year. 9. Pald $124.300 of accounts payable 10. Recorded accrued Interest on the note issued in transaction no. 6. Required s. 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. RA Robin Simt Real Shot RBS Cash Flows Ruc 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, indicate whether the item is an operating activity (CA), an investing activity (IA), or 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. Not all cells will require entry) Show less Assets Event No. Cach Marchandise Inventory Accounts Payabio 1. 2. 48.500 + + 216.770 + 177,000/= 177,000 OZARK BALES Horizontal Statement Model Balance Bhaat Income Statement Liabilities Stookholders' Equity atatement of Cach Net Bales Tax Warranty Flows Interact Notas Common Retained Ravenue - Expense Income Payable Payablo Payable Payable Stook Earnings 48.500 FA + + NA 12.270 + 216.770 216,770-1 216,770 216.770 OA + + 129.500 129.500 129,500 1A 8,180 + B.180 8.180 = 8,180 LA 9.270 = 9.270 OA 21,000+ 21,000FA 5,800 + + 5.800 OA 1 - +1 - 53.500 53,500 53.500 FOA + + 125.000 360 + 360 350 = 350 LA 21.540 13,980 30 21,000 48.500 + 314 800 216,770 191.620 40,00 431,340 3h 129,100= 4 5. - 9.270+ 21.000 6 7 8. 9. + 53.500 + 125.000 125,000 + 10. Bal 479.840 + 306,500 = 302.000