The following tronsactions opply to Ozark Sales for Year 1: 1. The business was started when the compsny received $48,500 from the issue of common stock. 2 Purchased equipment inventory of $174,000 on account. 3. Sold equipment for $195,000 cssh (not including ssles tax). Sales tax of 8 percent is collected when the merchandise is sold. The merchandise had a cost of $120,000. 4. Provided a six-month warranty on the equipment sold. Bosed on industry estimates, the warronty claims would amount to 5 percent of soles. 5. Paid the sales tox to the state agency on $145,000 of the sales. 6. On September 1, Year 1, borrowed $21,500 from the local bsnk. The note had a 5 percent interest rate and matured on March 1, Year 2 7. Poid $5,800 for warranty repsirs during the yes. 8. Paid operating expenses of $56,000 for the yesr. 9. Psid $124,800 of accounts payable. 10. Recorded accrued interest on the note issued in transection no. 6 . Required a. Record the given transections in a horizontal statements model. b. Prepore the income statement, bolsnce sheet, snd statement of cosh flows for Yesr 1. c. What is the total amount of current liabilities ot December 31, Yesr 1 ? Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Prepare the income statement for Year 1. (Round your answers to the nearest whole dollar.) Complete this question by entering your answers in the tabs below. Prepare the balance sheet for Year 1 . (Round your answers to the nearest whole dollar.) Complete this question by entering your answers in the tabs below. repare the statement of cash flows for Year 1. (Cash outflows should be indicated with a minus sign.) Complete this question by entering your answers in the tabs below. What is the total amount of current liabilities at December 31, Year 1 ? (Round your answer to the nearest whole dollar.)