Laser Delivery Services, Inc. (LDS) was incorporated January 1. The following transactions occurred during the year: a. Received $28,000 cash from the company's founders in exchange for common stock. b. Purchased land for $9,500, signing a two-year note (ignore interest). c. Bought two used delivery trucks at the start of the year at a cost of $10,000 each; paid $2,500 cash and signed a note due in three years for $17,500 (ignore interest). d. Paid $900 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. e. Stockholder Jonah Lee paid $230,000 cash for a house for his personal use. View transaction list Journal entry worksheet 2 3 4 5 Received $28,000 cash from the company's founders in exchange for commorn stock. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal 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 Laser Delivery Services, Inc., at the end of December. Enter Retained earnings with a zero balance in the appropriate section. LASER DELIVERY SERVICES, INC Balance Sheet 0 0 0