Required informotion Exercise 9.8A (Algo) Current liabilities LO 9.1, 9.2, 9.4 (The following information apolies to the questions displayed below) The following transactions apply to Ozark Sales for Year 1 1. The business was started when the company recerved $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 including sales taw) Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $134,000 4. Provided a sox-month wartanty on the merchandise sold Bssed on industry estimates, the warranty clams would amount to 3 percent of sales 5. Paid the sales tax to the state agency on $159000 of the sales. 6. On September 1 Year 1 , borrowed $20,500 from the local bank. The note had a 5 percent intetest iate and matured on March 1, Year 2. 7. Paid $5,500 for warranty repairs during the year 8. Paid operating expenses of $52.500 for the year 9. Paid $124,500 of accounts payable. 10. Recorded accrued interest on the note issued in transaction number 6