Laser Delivery Services, Incorporated (LDS), was incorporated January 1. The following transactions occurred during the year a. Received $35,000 cash from the company's founders in exchange for common stock. b. Purchased land for $10,000, signing a two-year note (ignore interest). c. Bought two used delivery trucks at the start of the year at a cost of $11,000 each; paid $3,000 cash and signed a note due in three years for $19,000 (ignore interest). d. Paid $1,000 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. e. Stockholder Jonah Lee paid $240,000 cash for a house for his personal use. E2-12 (Algo) Part 1 Required: 1. Analyze each item for its effects on the accounting equation of Laser Delivery Services for the year ended December 31. (Enter any decreases to account balances with a minus sign.) TIP: Transaction (a) is presented below as an example. TIP: The new motor in transaction (d) is treated as an increase to the cost of the truck. Assets Cash Equipment Beginning Balance 0 0 a 35,000 b. C Land Stockholders' Liabilities Equity Accounts Payable Notes Payable (long-term) Common Stock 0 = 0 0+ 0 35,000 4+ d. + + Ending Balance 35,000 0 01-1 0 35,000