Required information 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 $ 59,000 6,650 59,750 6,900 4,650 105,500 137,000 43,000 59,500 90,000 150,000 122,950 During the year, the company had the following summarized activities: a. Purchased equipment that cost $31,950; paid $7,050 cash and signed a two-year note for the balance. b. Issued an additional 3,600 shares of common stock for $36,000 cash. C. Borrowed $56,500 cash from a local bank, payable June 30, in two years. d. Purchased supplies for $5,700 cash. e. Built an addition to the factory buildings for $68,500; paid $28,500 in cash and signed a three-year note for the balance. f. Hired a new president to start January 1 of next year. The contract was for $95,000 for each full year worked. 3. Summarize the journal entry effects from part 2 using T-accounts. TIP: Enter the December 31, balances as the month's beginning balances. Cash Accounts Receivable Beg. Bal. Beg. Bal. End. Bal. End. Bal Inventory Supplies Beg. Bal. Beg. Bal. End. Bal. End. bal. Equipment Buildings Beg. Bal. Beg. Bal. End. Bal. End. Bal. Notes Receivable Land Beg. Bal. Beg. Bal. End. Bal. End. Bal. Accounts Payable Notes Payable Beg. Bal. Beg. Bal. End. Bal. End. Bal. Common Stock Retained Earnings Beg. Bal. Beg. Bal. End. Bal. End. Bal