Lee Delivery Company was organized at the beginning of 2020. The following transactions occurred during 2020 (the companys first year of operations):

1. Received $46,000 cash from the organizers in exchange for shares in the new company.
2. Purchased land for $17,200 and signed a one-year note (at a 6 percent annual interest rate).
3. Bought two used delivery trucks for operating purposes at the start of the year at a cost of $12,400 each; paid $6,200 cash and signed a promissory note for the balance, payable over the next three years (at an annual interest rate of 7 percent).
4. Sold one-fourth of the land for $4,300 to Birkins Moving, which promised to pay in six months.
5. Paid $3,200 cash to a truck repair shop for a new motor for one of the trucks. (Hint: Increase the account you used to record the purchase of the trucks since the usefulness of the truck has been improved.)
6. Traded the other truck and $7,200 cash for a new one. The old trucks fair value is $12,400.
7. Shareholder Jonah Lee paid $28,700 cash for a vacant lot (land) for his personal use.
8. Collected the amount of the note due from Birkins Moving in (d).
9. Paid one-third of the principal of the note due for the delivery trucks in (c).

Lee Delivery Company was organized at the beginning of 2020. The following transactions occurred during 2020 (the company's first year of operations): a Received $46,000 cash from the organizers in exchange for shares in the new company. b. Purchased land for $17,200 and signed a one-year note (at a 6 percent annual Interest rate). c Bought two used delivery trucks for operating purposes at the start of the year at a cost of $12,400 each; paid $6.200 cash and signed a promissory note for the balance, payable over the next three years at an annual interest rate of 7 percent). d. Sold one fourth of the land for $4,200 to Birds Moving, which promised to pay in six months. e Pald $3,200 cash to a truck repair shop for a new motor for one of the trucks. (Hint: Increase the account you used to record the purchase of the trucks since the usefulness of the truck has been improved. Traded the other truck and $7.200 cash for a new one. The old truck's fair value is $12,400. 9. Shareholder Jonah Lee paid $28,700 cash for a vacant lot (land for his personal use. h. Collected the amount of the nate due from Birkins Moving in (d). Pald one-third of the principal of the note due for the delivery trucks incl Required: 1. Post the above transactions into the appropriate T-accounts, beginning balances is $0 for all accounts. Cash Short-Term Notes Receivable Beg bal Beg bal End. bal End. bal Land Equipment Beg bal Beg bal End. bal End. bal Long-Term Notes Payable Short-Term Notes Payable Beg bal Beg bal. End bal End bal Contributed Capital Beg bal. End bal. 2 a. Prepare a classified statement of financial position for Lee Delivery Company at the end of 2020. LEE DELIVERY COMPANY Statement of Financial Position As at December 31, 2020 Assets Liabilities Current Asses Current abis Total current liabilities Totallables Total current Non-current assets Shareholders' Equity Total shareholders' equity Total abies and shareholders equity Totals