! Required information [The following information applies to the questions displayed below. Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles $22,000 Accounts payable 3,000 Accrued liabilities payable 3,000 Notes payable (current) 20,000 Notes payable (noncurrent) 1,000 Common stock 50,000 Additional paid-in capital 90,000 Retained earnings 5,000 $15,000 4,000 7,000 47,000 10,000 80,000 31,000 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $10,000 cash. b. Lent $5,000 to a supplier, who signed a two-year note. c. Purchased equipment that cost $18,000; paid $5,000 cash and signed a one-year note for the balance. d. Hired a new president at the end of the year. The contract was for $85,000 per year plus options to purchase company stock at a set price based on company performance. The new president begins her position on January 1 of next year. e. Issued an additional 2,000 shares of $0.50 par value common stock for $11,000 cash. f. Borrowed $9,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $3,000 cash. h. Built an addition to the factory for $24,000; paid $8,000 in cash and signed a three-year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $1,000. Required: 1. & 2. Post the current year transactions to T-accounts for each of the accounts on the balance sheet. (Two items have been given in the cash T-account as examples). Cash Investments (short-term) 3,000 Beg. Bal. 22,000 Beg. Bal. 10,000 (a) 5,000 (b) End. Bal. End. Bal. Accounts Receivable 3,000 Inventory 20,000 Beg. Bal. Beg. Bal. End. Bal. End. Bal. Notes Receivable (long-term) 1,000 Equipment 50,000 Beg. Bal. Beg. Bal. End. Bal. End. Bal. Factory Building 90,000 Intangibles 5,000 Beg. Bal. Beg. Bal. End. Bal. End. Bal. Accounts Payable 15,000 Accrued Liabilities Payable 4,000 Beg. Bal. Beg. Bal. End. Bal. End. Bal. Notes payable (current) 7,000 Notes payable (noncurrent) 47,000 Beg. Bal. Beg. Bal. End. Bal. End. Bal. Common Stock Additional Paid-in Capital 80,000 Beg. Bal. 10,000 Beg. Bal. End. Bal. End. Bal. Retained Earnings 31,000 Beg. Bal. End. Bal