Required information [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 $25,150; paid $6,550 cash and signed a two-year note for the balance. b. Issued an additional 4,500 shares of common stock for $45,000cash. c. Borrowed $72,500 cash from a local bank, payable June 30. in two years. d. Purchased supplies for $5,800 cash. e. Built an addition to the factory buildings for $52,250; paid $21,500 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. 2. Record the transaction effects determined in part 1 using journal entries. (If no entry is required for a transaction/event, sele Journal Entry Required" in the first account field). 2. Record the transaction effects determined in part 1 using journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field). Journal entry worksheet 23456 Purchased equipment that cost \$25,150; paid $6,550 cash and signed a twoyear note for the balance. Record the transaction. Note: Enter debits before credits