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 $13,000, signing a two-year note (ignore interest). c. Bought two used delivery trucks at the start of the year at a cost of $7,000 each; paid $2,500 cash and signed a note due in three years for $11,500 (ignore interest). d. Paid $1,600 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. e. Stockholder Jonah Lee paid $300,000 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 Current Assets Cash Total Current Assets Land Equipment Total Assets LASER DELIVERY SERVICES, INCORPORATED Balance Sheet At December 31 Liabilities Notes Payable (long-term) 0 Total Liabilities 0 Stockholders' Equity Common Stock 35,000 Retained Earnings Total Stockholders' Equity 35,000 $ 0 Total Liabilities and Stockholders' Equity $ 35,000