Assume Down, Incorporated, was organized on May $1$ to compete with Despair, Incorporated$$a company that sells de$-$motivational posters and office products. Down, Incorporated, encountered the following events during its first month of operations.

Received $$39,000$ cash from the investors who organized Down, Incorporated

Borrowed $$18,000$ cash and signed a note due in two years.

Ordered equipment costing $$21,000.$

Purchased $$9,000$ in equipment, paying $$3,000$ in cash and signing a six$-$month note for the balance.

Received the equipment ordered in $($c$),$ paid for half of it$,$ and put the rest on account.

Prepare a classified balance sheet at May $31.$ Include Retained Earnings with a balance of zero.