Massimo Company has been operating for one year $(2022).$ You are a member of the management team investigating expansion ideas, all of which will require borrowing funds from banks. At the start of $2023,$ Massimo$$s T$-$account balances were as follows:

Assets:

Cash

$1,300$

Short$-$Term Investments

$2,300$

Property and Equipment

$2,800$

Liabilities:

Short$-$Term Notes Payable

$2,500$

Long$-$Term Notes Payable

$600$

Shareholders$$ Equity:

Contributed Capital

$1,030$

Retained Earnings

$2,2702.$ Enter in the T$-$accounts the following transactions that occurred in $2023$:

a$.$ Paid one$-$half on the long$-$term note payable.

b$.$ Sold $$1,150$ of the investments for $$1,150$ cash.

c$.$ Sold one$-$half of the property and equipment for $$1,400$ cash.

d$.$ Borrowed $$2,300$ from the bank and signed a note promising to pay the principal and interest at an annual rate of $5$ percent in three years.

e$.$ Paid $$530$ in dividends to shareholders. $2.$ Enter in the T$-$accounts the following transactions that occurred in $2023$:

a$.$ Paid one$-$half on the long$-$term note payable.

b$.$ Sold $$1,150$ of the investments for $$1,150$ cash.

c$.$ Sold one$-$half of the property and equipment for $$1,400$ cash.

d$.$ Borrowed $$2,300$ from the bank and signed a note promising to pay the principal and interest at an annual rate of $5$ percent in three years.

e$.$ Paid $$530$ in dividends to shareholders.