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Required information (The following information applies to the questions displayed below.) Performance Plastics Company (PPC) has been operating for three years. The beginning account balances are $ 35,000 5,000 40,000 5,000 Cash Accounts Receivable Inventory Supplies Notes Receivable (due in three years) Equipment Buildings Land Accounts Payable Notes Payable (due in three years) Common Stock Retained Earnings 2,000 80,000 120,000 30,000 37,000 80,000 150,000 50,000 During the year, the company had the following summarized activities: a. Purchased equipment that cost $21,000; paid $5,000 cash and signed a two-year note for the balance. b. Issued an additional 2,000 shares of common stock for $20,000 cash. c. Borrowed $50,000 cash from a local bank, payable June 30, in two years. d. Purchased supplies for $4,000 cash. e. Built an addition to the factory buildings for $41,000; paid $12,000 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. Assets PERFORMANCE PLASTICS COMPANY Balance Sheet At December 31 Liabilities Current Liabilities $ 84,000 Accounts Payable 5,000 40,000 9,000 Total Current Liabilities Notes Payable (long-term) Current Assets Cash Accounts Receivable Inventory Supplies $ 37,000 37,000 175,000 212,000 Total Current Assets Equipment Buildings Land Notes Receivable (long-term) 138,000 Total Liabilities 101,000 Stockholders' Equity 161,000 Common Stock 30,000 Retained Earnings 2,000 170,000 50,000 Total Stockholders' Equity $ 432,000 Total Liabilities and Stockholders' Equity $ 220,000 $ 432,000 Total Assets