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. The business was started when the company received $50,000 from the issue of common stock. 2. Purchased merchandise inventory of $176,500 on account 3. Sold merchandise for $209,000 cash (not includino sales taxd Sales tax of 7 percent is collected when the merchandise is sold the merchandise had a cost of $134.000 4. Provided a six-month warranty on the merchandise sold. Based on industry estumates, the warranty claims would amount to 3 percent of sales. 5. Paid the sales tax ta the state agency on $159000 of the sales. 6. On Septembet 1 , Year 1 borrowed $20.500 from the local bank The note had a 5 percent interest rate and matured on March 1. Year 2. 7. Paid $5,500 for wauranty repairs duning the year 8. Paid operating expenses of $52.500 for the year 9. Paid $124.100 of accounts payoble. 10. Recorded accrued interest on the note issued in transaction number 6 Exercise 9-8A (Algo) Part c c-1. Prepare the income statement for Year 1 c-2. Prepare the balance sheet for Year 1. c.3. Prepare the statement of cash flows for Year 1. Complete this question by entering your answers in the tabs below