Laser Delivery Services, Incorporated $($LDS$),$ was incorporated January $1.$ The following transactions

occurred during the year:

a$.$ Received $$37,000$ cash from the company's founders in exchange for common stock.

b$.$ Purchased land for $$14,000,$ signing a two$-$year note $($ignore interest$).$

c$.$ Bought two used delivery trucks at the start of the year at a cost of $$9,000$ each; paid $$3,500$ cash and

signed a note due in three years for $$14,500($ignore interest$).$

d$.$ Paid $$1,800$ cash to a truck repair shop for a new motor, which increased the cost of one of the trucks.

e$.$ Stockholder Ruby Lee paid $$320,000$ cash for a house for personal use.

Required:

Prepare a classified balance sheet for Laser Delivery Services at December $31.$ Include Retained Earnings on the balance

sheet even though the account has a zero balance.