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5. Prepare a classified statement of financial position at December 31,2024 Notes Payable (Long-term) Retained Earnings P2-3 (Algo) Recording Transactions in T-Accounts, Preparing a Statement of Financial Position from a Trial Balance, and Evaluating the Current Ratio LO2-4, 2-6 Injection Plastics Company has been operating for three years. At December 31,2023 , the accounting records reflected the following During the year 2024 , the following summarized transactions were completed a. Purchased equipment that cost $20.200, paid $7,100 cash and signed a one-year note for the balance. b. Issued 3,100 additional shares for $18,600 cash. c. Lent $8,100 to a manager, who signed a two-year note. d. Purchased short-term investments for $10,100 in cash. e. Paid $6.100 on the note in transaction (a). 4. Prepare a trial balance at December 31, 2024. 6. Compute the current ratio at December 31,2024 . (Round the final onswer to 2 decimal places.) Required: 1\&2. Post the T-accounts for each of the accounts on the statement of financial position and enter the balances at the end of 2023 as beginning balances for 2024 . During the year 2024, the following summarized transactions were completed: a Purchased equipment that cost $20,200, paid $7,100 cash and signed a one-year note for the balance. b. Issued 3,100 additional shares for $18,600 cash c. Lent $8,100 to a manager, who signed a two-year note d. Purchased short-term investments for $10,100 in cash e. Paid $6,100 on the note in transaction (a). f Borrowed $13,100 cash on December 31,2024 , from the bank and signed a note, payable June 30,2025 g. Purchased a patent (an intangible asset) for $4,100 cash. h. Bult an addition to the factory for $28,300, paid $10,100 in cash and signed a three-year note for the balanke. 1. Hired a new president at the end of the year. The contract was for $90.500 per year plus options to purchase company shares at a set price based on company performance. f. Returned defective equipment to the manufacturer, receiving a cash refund of $2,100 Required: 182. Post the T-accounts for each of the accounts on the statement of financial position and enter the balances at the end of 2023 as beginning balances for 2024 \begin{tabular}{|l|l|l|l|l|l|l|l|} \hline Beg bal. & & & & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline Beg bal & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline End bal & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline Beg. bal. & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} Accounts Payable Accrued Liabilities \begin{tabular}{|l|l|l|l|} \hline & & & Beg bal \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & End bal. \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline & & & Accrued Labilities \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & End bal \\ \hline & & & \\ \hline \end{tabular} Short-Term Borrowings Notes Payable (Long term) Trial Balance \begin{tabular}{|l|l|l|} \hline \multicolumn{3}{|c|}{ At December 31,2024} \\ \hline Cash & & \\ \hline Investments (short-term) & & \\ \hline Accounts receivable & & \\ \hline Inventories & & \\ \hline Notes receivable (long-term) & & \\ \hline Equipment & & \\ \hline Factory building & & \\ \hline Intangibles & & \\ \hline Accounts payable & & \\ \hline Accrued liabilities & & \\ \hline Short-term borrowings & & \\ \hline Notes payable (long-term) & \\ \hline Contributed capital & \\ \hline Retained earnings & \\ \hline Totals & $ & \\ \hline \end{tabular}

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