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Higgins Company began operations last year. You are a member of the management team investigating expansion ideas that will require borrowing funds from banks. On January 1, the start of the current year, Higgins' T-account balances were as follows: Assets: Cash 5,600 Short-Term Investments 2,500 Property and Equipment 3,888 Liabilities: Notes Payable (current) Notes Payable (noncurrect) 2,200 800 Common Stock Additional Paid-in Capital Retained Earnings 500 4,000 3,000 Required: 1. Using the data from these T-accounts, determine the amounts for the following on January 1 of the current year: 2. Prepare journal entries for transactions (a) through (e) for the current year. a. Borrowed $4,000 from a local bank, signing a note due in three years. b. Sold $1,500 of the investments for $1,500 cash. c. Sold one-half of the property and equipment for $1,500 in cash. d. Declared $800 in cash dividends to stockholders. e. Pald dividends to stockholders. 3. Enter the effects of the transactions in Requirement 2 in the T-accounts. 4. Prepare a trial balance at December 31 5. Prepare a classified balance sheet at December 31 of the current year in good form. 6. Calculate the current ratio at December 31 of the current year, Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 ok Prepare a trial balance at December 31. HIGGINS COMPANY nt Trial Balance At December 31 Debit Credit int ences Total 0 0