Higgins Company has been operating for one year (2014). You are a member of the management team investigating expansion ideas that will require borrowing funds from banks. At the start of 2015, Higginss T-account balances were as follows: Assets: Cash Short-Term Investments Property and Equipment 4,400 2,600 3,200 Liabilities: Short-Term Notes Payable Long-Term Notes Payable 1,500 390 Stockholders Equity: Common Stock Additional Paid-in Capital Retained Earnings 660 2,640 5,010 The following transactions occured in 2015: (a) Borrowed $3,100 from a local bank, signing a note due in three years. (b) Sold $1,400 of the investments for $1,400 cash. (c) Sold one-half of the property and equipment for $1,600 in cash. (d) Declared and paid $360 in cash dividends to stockholders.