Laser Delivery Services, Incorporated (LDS), was incorporated January 1. The following transactions occurred during the year: a. Received $40,000 cash from the company's founders in exchange for common stock. b. Purchased land for $15,500, signing a two-year note (ignore interest). c. Bought two used delivery trucks at the start of the year at a cost of $12,000 each; paid $5,000 cash and signed a note due in three years for $19,000 (ignore interest). d. Paid $1,500 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. e. Stockholder Jonah Lee paid $350,000 cash for a house for his personal use. 4. 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. Assets ces Current Assets Cash LASER DELIVERY SERVICES, INCORPORATED Balance Sheet At December 31 Liabilities Notes Payable (long-term) $ 34,500 Total Current Assets Equipment Total Liabilities 34,500 Stockholders' Equity Land 15,500 Common Stock 40,000 Total Stockholders' Equity 40,000 Total Assets $ 15,500 Total Liabilities and Stockholders' Equity $ 74,500