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 $193,500 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $118,500.

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 $143,500 of the sales.

6. On September 1, Year 1, borrowed $20,500 from the local bank. The note had a 7 percent interest rate and matured on March 1, Year 2.

7. Paid $5,900 for warranty repairs during the year.

8. Paid operating expenses of $55,500 for the year.

9. Paid $125,800 of accounts payable.

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

c. What is the total amount of current liabilities at December 31 , Year 1 ? Note: Round your answer to the nearest dollar amount