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: During the year, the company had the following summarized activities: a. Purchased equipment that cost $26,500; paid $8,600 cash and signed a two-year note for the balance. b. Issued an additional 4,800 shares of common stock for $48,000 cash. c. Borrowed $55,500 cash from a local bank, payable June 30 , in two years. d. Purchased supplies for $8,000 cash. e. Built an addition to the factory buildings for $54,750; paid $23,500 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. P2-3 (Algo) Part 3 Summarize the journal entry effects from part 2 using T-accounts. TIP: Enter the December 31, balances as the month's beginning balances