Required information Exercise 9.8A (Algo) Current liabilities LO 9-1, 9-2, 9.4 [The following information applies to the questions displiyed below] The following transactions apply to Ozark Soles for Year 1 : 1. The business was started when the compony received $49,000 from the issue of common stock. 2. Purchased equipment inventory of $175,500 on account 3. Sold equipment for $200,500 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $125,500. 4. Provided a sibemonth warranty on the equipment sold. Based on industry estimates, the waeranty claims would amount. to 4 percent of soles. 5. Paid the sales tax to the state agency on $150,500 of the sales. 6. On September 1, Year 1, borrowed $19,500 from the local bank. The note had a 7 percent interest rate and matured on: Morch 1, Year 2. 7. Paid 55,600 for wisrranty repairs during the yeat. 8. Paid operating expenses of $55,000 for the year. 9. Pald $125,500 of accounts payable. 10. Recorded accrued interest on the note issued in transaction no, 5. Exercise 9.8A (Algo) Part b b-1. Prepare the income statement for Year 1 Note: Pound your answers to the nearest dollar amiount. b-2. Prepare the balance sheet for Year 1 . Note: Aound your answers to the nearest dollar amount. b-3. Prepare the statement of cash flows for Year 1 Note: Enter amounts to be deducted and cash outllows with a minus sign. Round your a Wers to the nearest whole doliar