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 $ 36,000 9,500 51,500 9,100 4,500 97,500 135,000 54,750 38,250 88,000 150,000 121,600 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 $31,000, paid $7,600 cash and signed a two-year note for the balance. b Issued an additional 2,300 shares of common stock for $23,000 cash. c Borrowed $82,500 cash from a local bank, payable June 30, in two years. d Purchased supplies for $7,450 cash e Built an addition to the factory buildings for $59,000, paid $27,000 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.