2-a. Prepare a classified statement of financial position for Lee Delivery Company at the end of Year 1 . 2b. Compute the current ratio at that dote. (Pound the final answer to 2 decimal places.) 3. At the end of the next two years, Lee Delivery Compory reported the following amounts an its statements of financial position: 3. Compute the company's current ratio for Years 1,2, and 3. (Aound the final antwers to 2 decimal places.) 4. At the beginning of Year 4, Lee Delivery Company applied to your bank for a $50.000 shortterm loan to expand the bushess. The vicescesident of the bank elked you to review the informason and make a recommiendation on lending the funds based solely on the results of the current rotia. What fecommendation would you make to the benk's vice president about lending the money to tee Delivery Compeny? Should extend ioan Should not exiend ioan 3. At the end of the next two years, Lee Dethery Company reponed the following amounts on is statumants of financial position: 3. Compute the company/s current ratio for Yoars 1,2 , and 3 . (Aound the final answers to 2 decimal placew) resils of the current ratio. What recomemendation would you make to the barki vice prevident about lending the money to tee Delvery Company? Srould estend joan Should not extend ioan Lee Delivery Company was organized at the beginning of Year 1 . The following transactions occurred during the year: a. Received $48,500 cash from the organizers in exchange for shares in the new company. b. Purchased land for $17,700 and signed a one-year note (at a 6 percent annual interest rate). c. Bought two used delivery trucks for operating purposes at the start of the year at a cost of $13,400 each; paid $6,700 cash and signed a promissory note for the balance, payable over the next three years (at an annual interest rate of 7 percent). d. Sold one-fourth of the land for $4,425 to Birkins Moving, which promised to pay in six months. e. Paid $3,700 cash to a truck repair shop for a new motor for one of the trucks. (Hint Increase the account you used to record the purchase of the trucks since the usefulness of the truck has been improved) t. Traded the other truck and $7,700 cash for a new one. The old truck's fair value is $13,400. g. Shareholder Jonah Lee paid $29,200 cash for a vacant lot (land) for his personal use. h. Collected the amount of the note due from Birkins Moving in (d) 1. Paid one-third of the principal of the note due for the delivery trucks in (c). Required: 1. Post the above transactions into the appropriate T-accounts, beginning balances is $0 for all accounts