Required information CP2-3 (Algo) Recording Transactions (in a Journal and T-Accounts); Preparing and Interpreting the Balance Sheet [LO 2-1, LO 2-2, LO 2-3 LO 2-4, LO 2-5] [The following information applies to the questions displayed below.] Performance Plastics Company (PPC) has been operating for three years. The beginning account balances are: Cash Accounts Receivable Inventory Supplies Notes Receivable (due in three years) Equipment Buildings Land Accounts Payable $ 59,000 6,650 59,750 6,900 4,650 105,500 137,000 43,000 59,500 90,000 150,000 122,950 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 $31,950; paid $7,050 cash and signed a two-year note for the balance. b. Issued an additional 3,600 shares of common stock for $36,000 cash. c. Borrowed $56,500 cash from a local bank, payable June 30, in two years. d. Purchased supplies for $5,700 cash. e. Built an addition to the factory buildings for $68,500; paid $28,500 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.