Performance Plastics Company (PPC) has been operating for three years. The beginning account balances are: Cash Accounts Receivable Inventory $ 41,250 8,850 Supplies Notes Receivable (due in three years) Equipment Buildings Land Accounts Payable 63,000 8,750 6,050 115,500 197,000 42,500 37,500 Notes Payable (due in three years) Common Stock Retained Earnings 127,000 150,000 168,400 During the year, the company had the following summarized activities a. Purchased equipment that cost $24.300; paid $8,000 cash and signed a two-year note for the balance. b. Issued an additional 3,300 shares of common stock for $33,000 cash. c. Borrowed $98,500 cash from a local bank, payable June 30, in two years. d. Purchased supplies for $6,700 cash. e. Built an addition to the factory buildings for $45,250; paid $15,000 in cash and signed a three-year note for the balance. f. Hired a new president to start January 1 of next year. The contract was for $95,000 for each full year worked. Journal entry worksheet < A B C DE F Purchased equipment that cost $24,300; paid $8,000 cash and signed a two- year note for the balance. Record the transaction. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < A C D E F Issued an additional 3,300 shares of common stock for $33,000 cash. Record the transaction. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet < A B D E F Borrowed $98,500 cash from a local bank, payable June 30, in two years. Record the transaction. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < A B C E F Purchased supplies for $6,700 cash. Record the transaction. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < A B C D F Built an addition to the factory buildings for $45,250; paid $15,000 in cash and signed a three-year note for the balance. Record the transaction. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < A B C D E Hired a new president to start January 1 of next year. The contract was for $95,000 for each full year worked. Record the transaction. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal Prepare a classified balance sheet at December 31. Use the dropdowns to select the accounts properly included on the balance sheet. PERFORMANCE PLASTICS COMPANY Balance Sheet At December 31 As of December 31, has the financing for PPC's investment in assets primarily come from liabilities or stockholders' equity? Liabilities Stockholders' Equity