Skip to main content\ Problem 2-3\ \ Answer Saved\ Help opens in a new window\ Item 1\ \ Part 1 of 4\ \ 20 points\ Time Remaining 1 hour 16 minutes 11 seconds\ 01:16:11\ Print\ Item 1\ Time Remaining 1 hour 16 minutes 11 seconds\ 01:16:11\ Required information\ Skip to question\ \ [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 $22,000 Accounts payable $15,000\ Investments (short-term) 3,000 Accrued liabilities payable 4,000\ Accounts receivable 3,000 Notes payable (current) 7,000\ Inventory 20,000 Notes payable (noncurrent) 87,000\ Notes receivable (long-term) 1,000 Long-term lease liabilities 63,000\ Equipment 50,000 Common stock 10,000\ Factory building 90,000 Additional paid-in capital 117,000\ Operating lease right-of-use assets 140,000 Retained earnings 31,000\ Intangible assets 5,000 \ \ During the current year, the company had the following summarized activities:\ \ Purchased short-term investments for $10,000 cash. \ Lent $5,000 to a supplier, who signed a two-year note. \ Leased equipment that cost $18,000; paid $5,000 cash and signed a five-year right-of-use lease for the balance.\ 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.\ Issued an additional 2,000 shares of $0.50 par value common stock for $11,000 cash. \ Borrowed $9,000 cash from a local bank, payable in three months. \ Purchased a patent (an intangible asset) for $3,000 cash. \ Built an addition to the factory for $24,000; paid $8,000 in cash and signed a three-year note for the balance. \ 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.\ \ Question 1 linked to 2 3 and 4 of 4 Total 1 2 3 4 of 4\ McGraw Hill