Required information Assume Down, Inc., was organized on May 1to compete with Despair, Inc.-a company that sells de-motivational posters and office products. Down, Inc. encountered the following events during Its firsst month of operations. a. Recelved $60,0o0 cash from the Investors who organlzed Down, Inc. b. Borrowed $20,000 cash and slgned a note due in two years c Ordered equipment costing $16,000. d. Purchased $9.000 In equlpment, paying $2000 In cash and signing a six-month note for the balance e. Recelved the equlpment ordered In (. paid for half of it, and put the rest on account Required: 1. Summarize the financlal effects of Items (a-e) In a table. (Enter any decreases to account balances with a minus sign.) Stockholders Assets Liabilities + Equity Accounts Payable LT Notes Payable ST Notes Common Stock Cash Equipment Payable Beg 0 0 0 0 0 0 b. 0 0 End ! Required Information Assume Down, Inc., was organlzed on May 1to 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. Recelved $60,000 cash from the Investors who organzed Down, Inc. b. Borrowed $20,000 cash and slgned a note due In two years c Ordered equipment costing $16,000 d. Purchased $9,000 In equlpment, paying $2000 In cash and signing a six-month note for the balance e. Recelved the equlpment ordered In (q. paid for half of it, and put the rest on account 3. Prepare a classified balance sheet at May 31. Include Retalned Earnings with a balance of zero. DOWN INC Balance Sheet 0 0 0 0