Reg A Benc Stat Req Sheet Rem Cash Flows RC Help Seve & Ex 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 whather the item is an operating activity (04), an a finanding activity (FA), and leave the cat blank if there is no effect. De not round intermediate calculations and round your answers to the nearest whole dollar amounts. Not all als will require entry) OZARK SALES Horizontal Statens Model Balance Sheel Ever Assets Stockholders' Equity N Cash Merchandise Inventory Accounts Payabl Sales Tax Payable Want Pay Payable Payalle Conce Stock Expense Net come Stement of Cash Flows Earnings 1 50.000 50.000 50000 2 300,000 300,000 3 510 060 (380 000) 130.000 36 4 * 5 " B 7 + " " 106 1+1 9 10 Bal 560000+ 380,000+ 50000- 130.000 50,000 Req Bloc Stand> The following transactions 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 $380,000 on account 3. Sold equipment for $510.000 cash (not including sales tax) Sales tax of 8 percent is collected when the merchandise is sold. The i merchandise had a cost of $330,000 4. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 2 percent of sales 5. Paid the sales tax to the state agency on $400,000 of the sales 6. On September 1 Year 1 borrowed $50,000 from the local bank. The note had a 4 percent interest rate and matured on March 1 Year 2 7. Paid $6,200 for warranty repairs during the year. 8. Paid operating expenses of $78.000 for the year 9. Paid $250.000 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 at December 31, Year 1? Complete this question by entering your answers in the tabs below. Reg A Req Inc Stmt Req B Bal Sheet Req St Cash Flows Reg C D