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:

Required:

Using the data from these $T-$accounts, complete the accounting equation on December $31,2022*$

Answer is complete and correct.

Enter in the T$-$accounts the following transactions that occurred in $2023$:

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

b$.$ Sold $$1,350$ of the investments for $$1,350$ cash.

c$.$ Sold one$-$half of the property and equipment for $$1,600$ cash.

d$.$ Borrowed $$2,700$ 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 $$570$ in dividends to shareholders.

Answer is not complete.