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Required information Required information Exercise 9-8A (Algo) Current liabilities LO 9-1, 9-2, 9-4 [The following information applies to the questions displayed below] The following transactions apply to Ozark Sales for Year 1: 1. The business was started when the company received $50,000 from the issue of common stock. 2. Purchased equipment inventory of $177,500 on account. 3. Sold equipment for $200,000 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $125,000. 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 $150,000 of the sales. 6. On September 1, Year 1, borrowed $21,500 from the local bank. The note had a 6 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 $53,500 for the year. 9. Paid $124,500 of accounts payable. 10. Recorded accrued interest on the note issued in transaction no. 6 . Exercise 9.8A (Algo) Part b