Assets Current Assets Equipment Cash $ 18,600 PERFORMANCE PLASTICS COMPANY Balance Sheet At December 31 Liabilities Current Liabilities $ 25,150 Notes Payable (long-term) (6,550) 72,500 Notes Payable (long-term) 5,800 (21,500) 52,250 Notes Payable (long-term) 127,650 Total Liabilities Stockholders' Equity 45,000 Common Stock 72,500 91,100 Cash Supplies Cash Buildings Total Assets 30,750 121,850 Cash 45,000 $ 172,650 $ 45,000 $ 166,850 Required information CP2-3 Recording Transactions in a Journal and T-Accounts); Preparing and Interpreting the Balance Sheet (LO 2-2, LO 2-3 LO 2-4, LO 2-5) Performance Plastics Company (PPC) has been operating for three years. The beginning account balances are Cash Accounts Receivable Inventory Supplies Notes Receivable (due in three years) Equipment Buildings Land Accounts Payable Notes Payable (due in three years) Common Stock Retained Earnings $ 55,500 8,300 52, 250 8,850 5,350 114,000 180,000 51,000 32,000 94,000 150,000 199, 250 During the year, the company had the following summarized activities: a. Purchased equipment that cost $25,150; paid $6,550 cash and signed a two-year note for the balance. b. Issued an additional 4,500 shares of common stock for $45,000 cash. c. Borrowed $72,500 cash from a local bank, payable June 30, in two years. d. Purchased supplies for $5,800 cash. e. Built an addition to the factory buildings for $52,250; paid $21,500 in cash and signed a three-year note for the balance. f. Hired a new president to start January 1 of next year. The contract was for $95,000 for each full year worked