Higgins Company began operations last year. You are a member of the management team investigating expansion ideas that will require borrowing funds from banks. At the start of the current year, Higgins's T-account balances were as follows: Assets: Short-Term Investments 2,800 Cash 4,600 Property and Equipment 3,400 Liabilities: Short-Term Notes Payable Long-Term Notes Payable 1,300 390 Common Stock Additional Paid-in Capital 660 2,640 Retained Earnings 5,810 The following transactions occured in current year: a. Borrowed $3,100 from a local bank, signing a note due in three years. b. Sold $1,200 of the investments for $1,200 cash. c. Sold one-half of the property and equipment for $1,700 in cash. d. Declared and paid $350 in cash dividends to stockholders. Required: 1. Using the data from these T-accounts, determine the amounts for the following on January 1 of the current year: Assets = Liabilities + Stockholders' Equity