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 $60,000 cash from the investors who organized Down, Inc. b. Borrowed $20,000 cash and signed a note due in two years. c. Ordered equipment costing $16,000. d. Purchased $9,000 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. DOWNING Balance Sheet At May 31 Assets Current Assets Cash 60,000 Total Current Assets 60,000 0 0 Total Assets $ 60,000 Total Liabilities and Stockholders' Equity