Lee Delivery Company was organized at the beginning of Year 1. The following transactions occurred during the year: a. Received $44,000 cash from the organizers in exchange for shares in the new company. b. Purchased land for $16,800 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 $11,600 each; paid $5,800 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 Birkins Moving, which promised to pay in six months. e. Paid $2,800 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 $6,800 cash for a new one. The old truck's fair value is $11,600. g. Shareholder Jonah Lee paid $28,300 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)