The following transections apply to Ozark Sales for Year 1. The business was started when the company received $50,000 from the issue of common stock. 2. Purchased equipment inventory of $175,000 on account 3. Soid equipment for $210.000 cash (not including sales taid. Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $135,000 4. Provided a six-month wamanty on the equipment sold Based on industry estimates the warranty claims would amount to 3 percent of sales 3. Paid the sales tax to the state agency on $160,000 of the sales 6. On September 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 $5.700 for warranty repairs during the year 9. Paid operating expenses of $54,000 for the year 9. Paid $125,300 of accounts payable 10. Recorded accrued interest on the note issued in transaction.no. 6 Required: Record the given transactions in a horizontal statements mode b. Prepare the income statement, balance sheet, and statement of cash flows for Year 1 What is the total amour of cument abilities at December 31 Year