[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 Accounts Payable Notes Payable (due in three years) Common Stock Retained Earnings $ 36,000 9,500 51,500 9,100 4,500 97,500 135,000 54,750 38,250 88,000 150,000 121,600 During the year, the company had the following summarized activities a Purchased equipment that cost $31,000; paid $7,500 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.