The following transactions apply to Ozark Seles for Year: 1. The business was started when the company received $48,500 from the issue of common stock. 2. Purchased equipment inventory of $176,500 on account. 3. Sold equipment for $208,000 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $133,000. 4. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 4 percent of sales 5. Paid the sales tax to the state agency on $158,000 of the sales. 6. On September 1, Year 1, borrowed $22,000 from the local benk. The nose had a 6 percent interest rate and matured on March 1, Year 2 7. Paid $5,500 for warranty repeirs during the year. 8. Peid operating expenses of $54,500 for the year 9. Paid $125,400 of accounts payable. 10. Recorded accrued interest on the note issued in transaction no. 6. 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 et December 31, Year 1? Complete this question by entering your answers in the tabs below. Req A Req B Bal Sheet Req Str Cash Flows RC 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 (OA), an investing activity (IA), or at 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.) OZARK SALES Horizontal Statements Model Assets Event Cash Merchandise Inventory Accounts Payable Sales Tax Payable Balance Sheet LabDes Warranty Payable Income statement Stockholders' Equity Payable Notes Common Payable Stock Retained Revenue Earnings Expense Statement of Cash Flows Income 1. 2 30 36 4 5 a 7 a 9 10 Bal Show less &