Please complete d) through i).

During the current year, the company had the following summarized activities:

a) Purchased short-term investments for $7,500 cash.

b) Lent $5,400 to a supplier who signed a two-year note.

c) Purchased equipment that cost $20,000; paid $4,200 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 $92,000 per year plus options to purchase company stock at a set price based on company performance.

e) Issued an additional 2,100 shares of $0.50 par value common stock for $20,000 cash.

f) Borrowed $12,000 cash from a local bank, payable in three months.

g) Purchased a patent (an intangible asset) for $2,900 cash.

h) Built an addition to the factory for $25,000; paid $8,900 in cash and signed a three-year note for the balance.

i) Returned defective equipment to the manufacturer, receiving a cash refund of $2,100.

Required 1. & 2. Post the current year transactions to T-accounts for each of the accounts on the balance sheet. (Two items have been given in the cash T-account as examples). Cash Investments (short-term) Beg. Bal 28,000 Beg. Bal 3,000 7,500 (a) 5,400 (b) 4,200 (c) 7,500 End. Bal 10,500 End. Bal 10,900 Accounts Receivable Inventor 27,000 Beg. Bal 3,200 Beg. Bal. End. Bal 3,200 End. Bal 27,000 Equipment 57,000 20,000 Notes Receivable (long-term) Beg. Bal 1,700 5,400 Beg. Bal End. Bal 7,100 End. Bal. 77,000 Factory Building 102,000 Intangibles 4,200 Beg. Bal Beg. Bal. End. Bal 102,000 End. Bal. 4,200