Lee Delivery Company was organized at the beginning of Year 1. The following transactions occurred during the year: a. Received $45,000 cash from the organizers in exchange for shares in the new company. b. Purchased land for $17,000 and signed a one-year nete (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 $12,000 each; paid $6,000 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 $4,250 to Birkins Moving, which promised to pay in six months. e. Paid $3,000 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 $7,000 cash for a new one. The old truck's fair value is $12,000. g. Shareholder Jonah Lee paid $28,500 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: 1. Post the above transactions into the appropriate T-accounts, beginning balances is $0 for all accounts. Cash Beg. bal. 0 Beg. bal. Short-Term Notes Receivable 0 a. 45,000 6,000 c. d. h. 4,250 3,000 e. 7,000 f. 4,250 i. End. bal. 29,000 End. bal. Beg. bal. Land 0 Beg. bal. Equipment 0 b. 17,000 4,250 d. e. f. End. bal. 12,750 End. bal. Short-Term Notes Payable 0 Beg. bal. 6,000 b. 7,000 h. Long-Term Notes Payable 0 Beg. bal.