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: During the current year, the company had the following summarized activities: a. Purchased short-term investments for $7,300 cash. b. Lent $6,700 to a supplier, who signed a two-year note. c. Leased equipment that cost $20,000; paid $4,400 cash and signed a five-year right-of-use lease for the balance. d. Hired a new president at the end of the year. The contract was for $91,000 per year plus options to purchase company stock at a set price based on company performance. The new president begins her position on January of next year. e. Issued an additional 2,100 shares of $0.50 par value common stock for $17,000 cash. f. Borrowed $11,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $2,200 cash. h. Built an addition to the factory for $28,000; paid $7,800 in cash and signed a three-year note for the balance. 1. Returned defective equipment to the manufacturer, receiving a cash refund of $1,400. Required information \begin{tabular}{|l|r|r|r|} \hline \multicolumn{2}{|c|}{ Debit } & \multicolumn{2}{c|}{ Credit } \\ \hline Beginning Balance & 3,400 & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending Balance & 3,400 & & \\ \hline \end{tabular} \begin{tabular}{|l|r|r|r|} \hline \multicolumn{3}{|c|}{ Inventory } \\ \hline \multicolumn{1}{|c|}{ Dobit } & & \multicolumn{1}{c|}{ Credit } \\ \hline Beginning Balance & 32,000 & & \\ \hline & & & \\ \hline & & & \\ \hline & 32,000 & & \\ \hline Ending Balance & & & \\ \hline & Equipment & \\ \hline \multicolumn{2}{|c|}{ Debit } & & \\ \hline & & & Credit \\ \hline Beginning Balance & 48,000 & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending Balance & & & \\ \hline & & \end{tabular}