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) $22,000 3,000 Accounts payable $15,000 Accounts receivable Inventory Accrued liabilities payable 3,000 Notes payable (current) 20,000 Notes payable (noncurrent) 4,000 7,000 87,000 Notes receivable (long-term) 1,000 Equipment 50,000 Long-term lease liabilities Common stock 63,000 10,000 Factory building Operating lease right-of-use assets 140,000 90,000 Additional paid-in capital Retained earnings 117,000 31,000 Intangible assets 5,000 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. Leased equipment that cost $18,000; paid $5,000 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 $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. 1. 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. Cash Credit Debit Beginning Balance 22,000 (a) (b) (c) (d) (e) Ending Balance 22,000 Debit Accounts Receivable Investments (short-term) Debit Credit Beginning Balance 3,000 Ending Balance 3,000 Inventory Debit Condit Debit Beginning Balance Ending Balance Debit Beginning Balance Accounts Receivable 3,000 3,000 Notes Receivable (long-term) 1,000 Ending Balance 1,000 Factory Building Debit 90,000 Beginning Balance Ending Balance 90,000 Debit Beginning Balance Intangible Assets 5,000 Ending Balance Debit Beginning Balance Ending Balance Debit Beginning Balance 5,000 Accrued Liabilities Payable Inventory Credit Credit Debit Beginning Balance 20,000 Ending Balance 20,000 Equipment Credit Credit Debit Beginning Balance 50,000 Ending Balance Credit Debit Beginning Balance 50,000 Operating Lease ROU Assets 140,000 Ending Balance 140,000 Accounts Payable Credit Debit Beginning Balance Ending Balance Credit Credit 15,000 15,000 Notes payable (current) Credit Debit Credit 4,000 Beginning Balance 7,000 4,000 Ending Balance 7,000 Notes payable (noncurrent) Long-term Lease Liabilities Credit Debit Credit 87,000 Beginning Balance 63,000 Debit Beginning Balance Ending Balance Notes payable (noncurrent) Credit Debit 87,000 Beginning Balance 87,000 Common Stock Debit Beginning Balance Ending Balance Ending Balance Long-term Lease Liabilities Credit 63,000 63,000 Additional Paid-in Capital Credit Debit Credit 10,000 Beginning Balance 117,000 10,000 Retained Earnings Debit Beginning Balance Credit 31,000 Ending Balance 31,000 Ending Balance 117,000