Required information 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 Notes Payable (due in three years) Common Stock Retained Earnings $ 51,000 8,750 62,000 6,650 4,100 115,000 131,000 30,750 41,000 97,000 150,000 121,250 During the year, the company had the following summarized activities: a. Purchased equipment that cost $30,900; paid $5,900 cash and signed a two-year note for the balance. b. Issued an additional 4,400 shares of common stock for $44,000 cash. c. Borrowed $59.500 cash from a local bank, payable June 30, in two years. d. Purchased supplies for $9,500 cash. e. Built an addition to the factory buildings for $74,750; paid $34,500 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. Prepare a classified balance sheet at December 31