a. Received $34,000 cash from the company's founders in exchange for common stock. b. Purchased land for $12,500, signing a two-year note (ignore interest). c. Bought two used delivery trucks at the start of the year at a cost of $10,000 each; paid $2,000 cash and signed a note due in three years for $18,000 (ignore interest). d. Paid $1,500 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. e. Stockholder Jonah Lee paid $290,000 cash for a house for his personal use. E2-12 (Algo) Part 4 4. Prepare a classified balance sheet for Laser Delivery Services at December 31. Include Retained Earnings on the balance sheet even though the account has a zero balance. Current Assets Current Assets Cash Total Current Assels Equipment Total Assets LASER DELIVERY SERVICES, INCORPORATED Balance Sheet At December 31 $ 0 Current Liabilities 0 Stockholders' Equity Common Stock 34,000 34,000 $ 34,000