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Laser Delivery Services, Incorporated ( LDS ) , was incorporated January 1 . The following transactions occurred during the year: a . Received $ 3
Laser Delivery Services, Incorporated LDS was incorporated January The following transactions
occurred during the year:
a Received $ cash from the company's founders in exchange for common stock.
b Purchased land for $ signing a twoyear note ignore interest
c Bought two used delivery trucks at the start of the year at a cost of $ each; paid $ cash and
signed a note due in three years for $ignore interest
d Paid $ cash to a truck repair shop for a new motor, which increased the cost of one of the trucks.
e Stockholder Ruby Lee paid $ cash for a house for personal use.
Required:
Prepare a classified balance sheet for Laser Delivery Services at December Include Retained Earnings on the balance
sheet even though the account has a zero balance.
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