Performance Plastics Company (PPC) has been operating for three years. The beginning account balances are: Cash...

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Performance Plastics Company (PPC) has been operating for three years. The beginning account balances are: Cash Accounts Receivable $ 38,000 7,200 Inventory 42,750 Supplies 7,400 Notes Receivable (due in three years) 4,950 Equipment 93,000 Buildings 125,000 Land 42,750 50,500 70,000 150,000 90,550 Accounts Payable Notes Payable (due in three years) Common Stock Retained Earnings During the year, the company had the following summarized activities: a. Purchased equipment that cost $25,200; paid $7,000 cash and signed a two-year note for the balance. b. Issued an additional 2,500 shares of common stock for $25,000 cash. c. Borrowed $77,000 cash from a local bank, payable June 30, in two years. d. Purchased supplies for $8,400 cash. e. Built an addition to the factory buildings for $67,750; paid $27,500 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. Performance Plastics Company (PPC) has been operating for three years. The beginning account balances are: Cash Accounts Receivable $ 38,000 7,200 Inventory 42,750 Supplies 7,400 Notes Receivable (due in three years) 4,950 Equipment 93,000 Buildings 125,000 Land 42,750 50,500 70,000 150,000 90,550 Accounts Payable Notes Payable (due in three years) Common Stock Retained Earnings During the year, the company had the following summarized activities: a. Purchased equipment that cost $25,200; paid $7,000 cash and signed a two-year note for the balance. b. Issued an additional 2,500 shares of common stock for $25,000 cash. c. Borrowed $77,000 cash from a local bank, payable June 30, in two years. d. Purchased supplies for $8,400 cash. e. Built an addition to the factory buildings for $67,750; paid $27,500 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.