Massimo Company has been operating for one year (2019). You are a member of the management team investigating expansion ideas, all of which will require borrowing funds from banks. At the start of 2020, Massimo's T-account balances were as follows: Assets: Cash 2,200 Short-Term Investments 3,200 Property and Equipment 3,700 Liabilities: Short-Term Notes Payable Long-Term Notes Payable 3,400 1,500 Shareholders' Equity: Contributed Capital Retained Earnings 1, 120 3,080 Required: 1. Using the data from these T-accounts, complete the accounting equation on January 1, 2020: Assets Liabilities Shareholders Equity 2. Enter in the T-accounts the following transactions that occurred in 2020: a. Pald one-half of the principal on the long-term note payable. b. Sold $1,600 of the investments for $1,600 cash. 2. Enter in the T-accounts the following transactions that occurred in 2020: a. Paid one-half of the principal on the long-term note payable. b. Sold $1,600 of the investments for $1,600 cash. c. Sold one-half of the property and equipment for $1,850 cash. d. Borrowed $3,200 from the bank and signed a note promising to pay the principal and interest at an annual rate of 5 percent in three years. e Paid $620 in dividends to shareholders. Cash 2,200 Short-Term Investments 3,200 Beg. bal. Beg bal End, bal. 2,200 3,200 End, bal Property and Equipment 3,700 Short-Term Notes Payable 3,400 Beg, bal Beg bal 3,400 End, bal End, bal 3,700 Long-Term Notes Payable 1,500 Beg, bol Contributed Capital 1,120 Beg, bal CH1 & 2) i Saved Help Save Long-Term Notes Payable 1,500 Beg. bal. Contributed Capital 1,120 Beg. bal. 1,500 End, bal. 1,120 End. bal. Retained Earnings 3,080 Beg. bal. 3,080 End. bal. 3. Compute ending balances in the T-accounts to complete the statement of financial position on December 31, 2020: Assets Liabilities Shareholders Equity 4. Using the ending balances in the l-accounts, prepare a classified statement of financial position at December 31, 2020, in good form. MASSIMO COMPANY Statement of Financial Position As at December 31, 2020 Assets Liabilities Current assets: Current liabilities: Total current assets 0 Total Liabilities 0 Shareholders' Equity Total assets Total shareholders' equity 0 Total liabilities and shareholders' equity $ 0 0 S 5. Calculate the current ratio at December 31, 2020. (Round the final answer to 2 decimal places.) Current ratio