Required information [The following information applies to the questions displayed below.] Higgins Company has been operating for one year (2014). You are a member of the management team investigating expansion ideas that will require borrowing funds from banks. At the start of 2015, Higgins's T-account balances were as follows: Assets: Cash 4,200 Liabilities: Short-Term Investments 2,900 Property and Equipment 2,800 Short-Term Notes Payable Long-Term Notes Payable 1,700 390 Stockholders' Equity: Common Stock Additional Paid-in Capital Retained Earnings 740 2,960 4,110 The following transactions occured in 2015: (a) Borrowed $2,800 from a local bank, signing a note due in three years. (b) Sold $900 of the investments for $900 cash. (c) Sold one-half of the property and equipment for $1,400 in cash. (d) Declared and paid $320 in cash dividends to stockholders.