P2-8 Analyzing the Effects of Transactions Using T-Accounts, Preparing a Statement of Financial Position, and Interpreting the Current Ratio over Time as a Bank Loan Officer LO2-5, 2-6 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 $48,000 cash from the organizers in exchange for shares in the new company b. Purchased land for $17,600 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 $13,200 each paid $6,600 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 $4,400 to Birkins Moving, which promised to pay in six months. e. Paid $3,600 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 $7,600 cash for a new one. The old truck's fair value is $13,200 g. Shareholder Jonah Lee paid $29,100 cash for a vacant lot (land) for his personal use. h. Collected the amount of the note due from Birkins Moving in (a) 7. Paid one-third of the principal of the note due for the delivery trucks in (c).