Assume Downer.com was organized on May 1, to compete with Despair, Inc.a company that sells demotivational posters and office products. The following events occurred during the first month of Downer.com's operations.

1. Received $64,000 cash from the investors who organized Downer.com Corporation
2. Borrowed $22,000 cash and signed a note due in two years
3. Ordered computer equipment costing $17,000
4. Purchased $10,000 in equipment, paying $2,400 in cash and signing a six-month note for the balance
5. Received the equipment ordered in (c), paid for half of it, and put the rest on account

create a balance sheet at May 31. Include retained earnings with a balance of zero.