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P2-8 Analyzing the Effects of Transactions Using T-Accounts, Preparing a Statement of Financial Position, and interpreting the Current Ratio over Time as a Bank Loan Officer LO2-5, 2-6 Lee Delivery Company was organized at the beginning of 2020. The following transactions occurred during 2020 me company's first year of operations) 3. Received $49,000 cash from the organizers in exchange for shares in the new company b. Purchased land for $17.800 and signed a one year note at a 6 percent annual interest rate) c Bought two used delivery trucks for operating purposes at the start of the year at a cost of $13.600 each paid $6.800 cash and signed a promissory note for the balance, payable over the next three years at an annual interest rate of 7 percent) d. Sold one-fourth of the land for $4.450 to Birkins Moving, which promised to pay in six months e Paid $3,800 cash to a truck repair shop for a new motor for one of the trucks (Hint increase the account you used to record the purchase of the trucks since the usefulness of the truck has been improved) Traded the other truck and $7,800 cash for a new one. The old truck's fair value is $13,600 g. Shareholder Jonah Lee paid $29.300 cash for a vacant lotland) for his personal use. h Collected the amount of the note due from Birkins Moving in Pald one-third of the principal of the note due for the delivery trucks in Required: 1 Post the above transactions into the appropriate T-accounts, beginning balances is so for all accounts Short-Term Nemec Beg bal 0 Beg til End bal End bal Equip Land 0 Beg tal Beghal End bal End Short Term Notes Payable Long-Term Notes Pub Bag har Begal Endal Ende Contributed Capital o Be bol