During the current year, the company had the following summarized activities: a. Purchased short-term Investments for $10,000 cash. b. Lent $5,000 to a supplier who signed a two-year note. c. Purchased equipment that cost $18,000; paid $5,000 cash and signed a one-year note for the balance. d. Hired a new president at the end of the year. The contract was for $85,000 per year plus options to purchase company stock at a set price based on company performance. e. Issued an additional 2,000 shares of $0.50 par value common stock for $11,000 cash. f. Borrowed $9,000 cash from a local bank, payable in three months. g. Purchased a patent (an Intangible asset) for $3,000 cash. h. Built an addition to the factory for $24,000; paid $8,000 in cash and signed a three-year note for the balance. 1. Returned defective equipment to the manufacturer, receiving a cash refund of $1,000. 5. Prepare a classified balance sheet at December 31 of the current year. COUGAR PLASTICS COMPANY Balance Sheet At December 31 Assets Current assets: Cash Investments Accounts receivable Inventory Liabilities Current assets: $ 12,000 13,000 3,000 Notes receivable Other current assets Total current assets Non-current assets: Equipment Factory building Intangibles Long-term investments Other Noncurrent Assets 28,000 0 $ 28,000 0 Stockholders' Equity 0 $ 0