E2-12 Analyzing the Effects of Transactions Using T-Accounts; Preparing and Interpreting a Balance Sheet [LO 2-2, LO 2-3, LO 2-4] [The following information applies to the questions displayed below.] Laser Delivery Services, Inc. (LDS), was incorporated January 1. The following transactions occurred during the year: a. Received $39,000 cash from the company's founders in exchange for common stock. b. Purchased land for $12,000, signing a two-year note (ignore interest). c. Bought two used delivery trucks at the start of the year at a cost of $15,000 each; paid $5,000 cash and signed a note due in three years for $25,000 (ignore interest). d. Paid $1,400 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. e Stockholder Jonah Lee paid $280,000 cash for a house for his personal use. 2-12 Part 3 Show the effects of the journal entries by account, using the T-account. Cash Equipment Beg. Bal. Beg. Bal. End. Bal. End. Bal. Land Notes Payable Beg. Bal. Beg. Bal. End. Bal. End. Bal. Common Stock Beg. Bal. End. Bal. 4. Prepare a classified balance sheet for LDS at December 31. Include Retained Earnings on the balance sheet even though the account has a zero balance. LASER DELIVERY SERVICES, INC. Balance Sheet 0 0 $ 0