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 $12,000, signing a two-year note (ignore interest).
3. Bought two used delivery trucks at the start of the year at a cost of $10,000 each; paid $2,000 cash and signed a note due in three years for $18,000 (ignore interest).
4. Paid $2,000 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks.
5. Stockholder Jonah Lee paid $300,000 cash for a house for his personal use.

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