The following transactions apply to Ozark Sales for Year

1: The business was started when the company received $49,000 from the issue of common stock.
2. Purchased equipment inventory of $176,500 on account. Sold equipment for $203,000 cash (not including sales tax).
3. Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $128,000.
4. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 3 percent of sales.
5. Paid the sales tax to the state agency on $153,000 of the sales.
6. On September 1, Year 1, borrowed $20,000 from the local bank. The note had a 6 percent interest rate and matured on March 1, Year 2.
7. Paid $5,500 for warranty repairs during the year.
8. Paid operating expenses of $53,500 for the year.
9. Paid $124,200 of accounts payable.
10. Recorded accrued interest on the note issued in transaction no. 6.

Required:
a. Prepare the journal entries for the above transactions and post them to the appropriate T-accounts.
b. Prepare the income statement, balance sheet, and statement of cash flows for 2016.
c. What is the total amount of current liabilities at December 31, 2016?