Assume Down, Incorporated, was organized on May 1 to compete with Despair, Incorporated-a company that sells demotivational posters and office products. Down, Incorporated, encountered the following events during its first month of operations. a. Recelved $43,000 cash from the investors who organized Down, Incorporated b. Borrowed $16,000 cash and signed a note due in two years. c. Ordered equipment costing $25,000. d. Purchased $7,000 in equipment, paying $3,000 in cash and signing a six-month note for the balance. e. Recelved the equipment ordered in ( c), paid for half of it, and put the rest on account. E2-11 (Algo) Part 3 3. Prepare a classified balance sheet at May 31 , Include Retained Earnings with a balance of zero