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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 D. Borrowed $19,000 cash and signed a note due in two years c Ordered equipment costing $16,000 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 (d, paid for half of it, and put the rest on account, 3. Prepare a classified balance sheet at May 31 Include Retained Earnings with a balance of zero. DOWN.INCORPORATED Balance Sheet 0 0 $ 0