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: During the year 2021, the following summarized transactions were completed: a. Purchased equipment that cost $19,800; paid $6,900 cash and signed a one-year note for the balance. b. Issued 2,900 additional shares for $17,400 cash. c. Lent $7,900 to a manager, who signed a two-year note. d. Purchased short-term investments for $9,900 in cash. e. Paid \$5,900 on the note in transaction (a). f. Borrowed $12,900 cash on December 31, 2021, from the bank and signed a note, payable June 30, 2022. g. Purchased a patent (an intangible asset) for $3,900 cash. h. Built an addition to the factory for $27,700; paid $9,900 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 $89,500 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 $1,900. 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 . 4. Prepare a trial balance at December 31, 2021. 5. Prepare a classified statement of financial position at December 31, 2021. To 6. Compute the current ratio at December 31, 2021. (Round the final answer to 2 decimal places.)