P2-3 Recording Transactions in T-Accounts, Preparing a Statement of Financial Position from a Trial Balance, and Evaluating the Current Ratio LO2-4, 2-6 Injection Plastics Company has been operating for three years. At December 31, 2020, the accounting records reflected the following: Cash Investments (short-term) Accounts receivable Inventories $30,500 3,900 Intangibles $ 4,900 Accounts payable 16,900 4,900 Accrued liabilities 3,900 33,500 Short-term borrowings 8,900 Notes receivable (long-term) Equipment 2,900 Notes payable (long-term) 57,500 57,500 Factory building 99,500 Contributed capital Retained earnings 109,000 41,400 During the year 2021, the following summarized transactions were completed: a. Purchased equipment that cost $21,800; paid $7,900 cash and signed a one-year note for the balance. b. Issued 3,900 additional shares for $23,400 cash. c. Lent $8,900 to a manager, who signed a two-year note. d. Purchased short-term investments for $10,900 in cash. e. Paid $6,900 on the note in transaction (a). f. Borrowed $13,900 cash on December 31, 2021, from the bank and signed a note, payable June 30, 2022. g. Purchased a patent (an intangible asset) for $4,900 cash. h. Built an addition to the factory for $30,700; paid $10,900 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 $94,500 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 $2,900.