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Required information The following information applies to the questions displayed below) Assume Down, Incorporated, was organized on May 1 to compete with Despair, Incorporated-a company that sells de motivational posters and office products. Down, Incorporated, encountered the following events during its first month of operations a Received $34,000 cash from the investors who organized Down, Incorporated b. Borrowed 519,000 cash and signed a note due in two years. c Ordered equipment costing $16,000 d Purchased $10,000 in equipment paying $2,000 in cash and signing a six-month note for the balance e Received the equipment ordered in (paid for half of it, and put the rest on account. Required: 1. Summarize the financial effects of items (a)-(e) in a table. (Enter any decreases to account balances with a minus sign.) Assets Cash Stockholders Equity Common Stock Equipment Llabilities Short-term Notes Payable 0 Accounts Payable 0 Long-term Notes Payable 0 Beginning 0 0 - b c d 0 RE Ending 0 . 0