P2-3 Recording Transactions in T-Accounts, Preparing the Balance Sheet from a Trial Balance, and Evaluating the Current Ratio LO2-2, 2-4, 2-5 Cougar Plastics Company has been operating for three years. At December 31, 2014, the accounting records reflected the following: Cash Accounts payable 22,000 15,000 Investments (short-term) 3,000 Accrued liabilities payable 4,000 Accounts receivable Notes payable (short-term) 7,000 3,000 20,000 Long-term notes payable inventory 47,000 Notes receivable (long-term) 1,000 Common Stock 10,000 50,000 Additional paid-in capital Equipment 80,000 Factory building Retained earnings 90,000 31,000 Intangibles 5,000 During the year 2015, the company had the following summarized activities a. Purchased short-term investments for $10,000 cash. b. Lent $5,000 to a supplier who signed a two-year note. c. Purchased equipment that cost $18,000; paid $5,000 cash and signed a one-year note for the balance d. Hired a new president at the end of the year. The contract was for $85,000 peryear plus options to purchase company stock at a set price based on company performance. e. Issued an additional 2,000 shares of$0.50 par value common stock for $11,000 cash. f. Borrowed $9,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $3,000 cash