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 Cash Accounts Receivable Inventory Supplies Notes Receivable (due in three years) Equipment Buildings Land $ 56,000 49,500 7,750 6,650 $8,500 199,000 37,000 57,500 109,500 158,000 192,650 Accounts Payable Notes Payable (due in three years) Common Stock Retained Earnings During the year, the company had the following summarized activities a Purchased equipment that cost $27,850, paid $6,750 cash and signed a two-year note for the balance b. Issued an additional 4,200 shares of common stock for $42,000 cash c Borrowed $67.500 cash from a local bank, payable June 30, in two years d. Purchased supplies for $7,350 cash e Built an addition to the factory buildings for $74,250 paid $36,500 in cash and signed a three-year note for the balance Hired a new president to start January 1 of next year The contract was for $95,000 for each full year worked 3. Summarize the journal entry effects from part 2 using T-accounts. TIP: Enter the December 31, balances as the month's beginning balances Cash Accounts Receivable Oulad Credit Debil Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Inventory Delet Credid Debut Crude Beginning Balance Beginning Balance Ending Balance Ending Balance