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

a$.$ Received $$47,000$ cash from the organizers in exchange for shares in the new company.

b$.$ Purchased land for $$17,400$ 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 $$12,800$ each; paid $$6,400$ 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 $$4,350$ to Birkins Moving, which promised to pay in six months.

e$.$ Paid $$3,400$ 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 $$7,400$ cash for a new one. The old truck's fair value is $$12,800.$

g$.$ Shareholder Jonah Lee paid $$28,900$ 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.

Answer is not complete. $2-$a$.$ Prepare a classified statement of financial position for Lee Delivery Company at the end of Year $1.$