Laser Delivery Services, Incorporated (LDS), was incorporated January 1. The following transactions occurred during the year:

1. Received $40,000 cash from the company's founders in exchange for common stock.
2. Purchased land for $15,500, signing a two-year note (ignore interest).
3. 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).
4. Paid $1,500 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks.
5. Stockholder Jonah Lee paid $350,000 cash for a house for his personal use.