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) $30,000 3,800 Intangibles Accounts payable $ 4,800 16,800 Accounts receivable 4,800 Accrued liabilities 3,800 Inventories 33,000 Short-term borrowings 8,800 Notes receivable (long-term) 2,800 Notes payable (long-term) 57,000 Equipment 57,000 Contributed capital 108,000 Factory building 99,000 Retained earnings 40,800 During the year 2021, the following summarized transactions were completed: a. Purchased equipment that cost $21,600, paid $7,800 cash and signed a one-year note for the balance. b. Issued 3,800 additional shares for $22,800 cash. c. Lent $8,800 to a manager, who signed a two-year note. d. Purchased short-term investments for $10,800 in cash. e. Paid $6,800 on the note in transaction (a). Borrowed $13,800 cash on December 31, 2021, from the bank and signed a note, payable June 30, 2022. g. Purchased a patent (an intangible asset) for $4,800 cash. h. Built an addition to the factory for $30,400; paid $10,800 in cash and signed a three-year note for the balance. Hired a new president at the end of the year. The contract was for $94,000 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 $2,800. Required: 1 & 2. Post the T-accounts for each of the accounts on the statement of financial position and enter the balances at the end of 2020 as beginning balances for 2021.