2016 B2 Chapter 2 Practice Problems 6-7 of 120 Score This Question IThe following information applies to the questions displayed below.j Higgins Company began operations last year. You are a member of the management team investigating expansion ideas that will require borrowing funds from banks. Atthe start of the current year, Higgins's Taccount balances were as follows: Assets: Short-Term Investments and Equi Liabilities: Short-Term Notes P ble Long-Term Notes Stock Additional Paid-in need Earnin The following transactions occured in current year: a. Borrowed $4,000 from a local bank, signing a note due in three years. b. Sold $1,500 of the investments for $1,500 cash. c. Sold one-half of the property and equipment for $1,500 in cash. d. Declared and paid $800 in cash dividends to stockholders. 000 points Required: 1. Using the data from these Taccounts, determine the amounts for the following on January 1 of the current year