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: Liabilities: Cash 2,600 Short-Term Notes Payable Short-Term Investments 3,600 Long-Term Notes Payable 3,800 1,900 Shareholders' Equity: Contributed Capital 1,160 Required: Retained Earnings 3,440 1. Using the data from these T-accounts, complete the accounting equation on January 1, 2020: Assets Liabilities Shareholders' Equity $ 10,300 = 5,700 4,600 Property and Equipment 4,100 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 $1,800 of the investments for $1,800 cash. c. Sold one-half of the property and equipment for $2,050 cash. d. Borrowed $3,600 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 $660 in dividends to shareholders. Ex