Required information Assume Down, Inc., was organized on May 1 to compete with Despair, Inc.-a company that sells de-motivational posters and office products. Down, Inc., encountered the following events during its first month of operations. a. Received $34.000 cash from the investors who organized Down, Inc. b. Borrowed $19,000 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 (c. 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 Equipment Accounts Payable 0 Liabilities ST Notes Payable 0 Stockholders' Equity Common Stock 0 LT Notes Payable 0 5 Bep 0 0 a b d End