Injection Plastics Company has been operating for three years. At December 31, 2017, the accounting records reflected the following:

Cash$25,000Intangibles$3,800Investments (short-term)2,800Accounts payable15,800Accounts receivable3,800Accrued liabilities2,800Inventories28,000Short-term borrowings7,800Notes receivable (long-term)1,800Notes payable (long-term)52,000Equipment52,000Contributed capital98,000Factory building94,000Retained earnings34,800

During the year 2018, the following summarized transactions were completed:a.Purchased equipment that cost $19,600; paid $6,800 cash and signed a one-year note for the balance.

b.Issued 2,800 additional shares for $16,800 cash.c.Lent $7,800 to a manager, who signed a two-year note.d.Purchased short-term investments for $9,800 in cash.e.Paid $5,800 on the note in transaction (a).f.Borrowed $12,800 cash on December 31, 2018, from the bank and signed a note, payable June 30, 2019.

g.Purchased a patent (an intangible asset) for $3,800 cash.h.Built an addition to the factory for $27,400; paid $9,800 in cash and signed a three-year note for the balance.

i.Hired a new president at the end of the year. The contract was for $89,000 per year plus options to purchase company shares at a set price based on company performance.

j.Returned defective equipment to the manufacturer, receiving a cash refund of $1,800.

Required:1 & 2.

• Post theT-accounts for each of the accounts on the statement of financial position and enter the balances at the end of 2017 as beginning balances for 2018.

• make trial balance at December 31, 2018.

• make classified statement of financial position at December 31, 201

• Compute the current ratio at December 31, 2018