Assume Down, Inc., was organized on May 1 to compete with Despair, Inc.-a company that sells de-motivational posters and office products. Down, Inc, encountered the following events during its first month of operations, a. Received $49,000 cash from the investors who organized Down, Inc. b. Borrowed $16,000 cash and signed a note due in two years. c. Ordered equipment costing $17,000. d. Purchased $7,000 in equipment, paying $4,000 in cash and signing a six-month note for the balance. e. Received the equipment ordered in (d. paid for half of it, and put the rest on account. Required: 1. Summarize the financial effects of items (a)-(e) in a table. (Enter any decreases to account balances with a minus sign.) Assets Cash Accounts Payable 0 Equipment Liabilities ST Notes Payable 0 Stockholders Equity Common Stock o LT Notes Payable 0 0 Beg b d End