Lee Delivery Company was organized at the beginning of Year $1.$ The following transactions occurred during the year:

a$.$ Received $$50,000$ cash from the organizers in exchange for shares in the new company.

b$.$ Purchased land for $$18,000$ 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 $$14,000$ each; paid $$7,000$ 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 $$4,500$ to Birkins Moving, which promised to pay in six months.

e$.$ Paid $$4,000$ 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.$)$

f$.$ Traded the other truck and $$8,000$ cash for a new one. The old truck's fair value is $$14,000.$

g$.$ Shareholder Jonah Lee paid $$29,500$ cash for a vacant lot $($land$)$ for his personal use.

h$.$ Collected the amount of the note due from Birkins Moving in $($d$).$

i$.$ Paid one$-$third of the principal of the note due for the delivery trucks in $($c$).$

Required:

Post the above transactions into the appropriate $T-$accounts, beginning balances is $$0$ for all accounts.

$\backslash$table$[[$Cash$,$Short$-$Term Notes Receivable$],[$Beg$.$ bal.,$0.,*4,,$Beg. bal.,$0,,],[$a$.,50,000,6,000,$c$.,$d$.\text{'},4,350,4,350$ h$.,$h$.],[$h$.,4,250,,$e$.,?,(,,(],[?,?,7,000$ f$,$f$.,?,,,(],[?,?,6,000$ i$.,$i$.,?,,,?],[$End$.$ bal.,$32,250,,,$End. bal.,,,$],[$Land$,$Equipment$],[$Beg$.$ bal.,$0,,,$Beg. bal.,$0,,],[$b$.,17,400,4,350,$d$.,$c$.,25,600,12,800,$f$.],[?,$longrightarrow,,?,e$.,3,400,,(],[\backslash ,>,,,$f$.,20,200,,(],[$Fnd hal,$13\mathrm{.}050,,(1),$Fnd hal,$36\mathrm{.}400,,(]]$

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$3$ of $5$

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