Assume Down, incorporated, was organized on May 1 to compete with Despait, incorporated-a company that selis themotivational posters and office products. Down, incorporated, encountered the following events during its first month of. opetations. a. Received $38.000 cash from the investors who organized Down, tncorporated b Borrowed $17.000 cash and signed a note due in two years c. Ordered equipment costing $20,000 of Purchased $8,000 in equipment, parying $3,000 in cash and signing a six month note for the balance e. freceived the equipaient ordered in (c). pald for half of at, and put the rest on account. 3. Prepare a classified balance sheet at May 3t include Petained Earnings with a balince of zero