Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles $ 26,000 Accounts payable 2,400 Accrued liabilities payable 4,100 Notes payable (current) 26,000 Notes payable (noncurrent) 1,800 Common stock 53,000 Additional paid-in capital 94,000 Retained earnings 3,700 $ 16,000 2,700 6,200 44,000 9,900 89, 100 43,100 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $8,300 cash. b. Lent $5,300 to a supplier who signed a two-year note. c. Purchased equipment that cost $28,000; 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 $81,000 per year plus options to purchase company stock at a set price based on company performance. The new president begins her position on January 1 of next year. e. Issued an additional 2,100 shares of $0.50 par value common stock for $14,000 cash. f. Borrowed $17,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $2,800 cash. h. Built an addition to the factory for $25,000; paid $7,300 in cash and signed a three-year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $1,200. 5. Prepare a classified balance sheet at December 31 of the current year. JAGUAR PLASTICS COMPANY Balance Sheet At December 31 Assets Liabilities $ $ Current assets: Cash Investments Accounts receivable Inventory 26,000 10,700 4,100 26,000 Current liabilities: Accounts payable Accrued liabilities payable Notes Payable (current) Notes payable (noncurrent) 16,000 2,700 6,200 44,000 68,900 66,800 Non-current assets: Notes receivable 68,900 Equipment 7,200 53,000 119,000 6,500 Factory building Intangibles Stockholders' Equity Common stock Additional paid-in capital Retained earnings 10,950 102,050 43,100 185,700 $ 252,500 156,100 $ 225,000