! Required information E2-12 (Algo) Analyzing the Effects of Transactions Using T-Accounts; Preparing and Interpreting a Balance Sheet (LO 2-2, LO 2-3, LO 2-4] [The following information applies to the questions displayed below.] Laser Delivery Services, Incorporated (LDS), was incorporated January 1. The following transactions occurred during the year: a. Received $45,000 cash from the company's founders in exchange for common stock. b. Purchased land for $16,500, signing a two-year note (ignore interest). c. Bought two used delivery trucks at the start of the year at a cost of $14,000 each; paid $2,000 cash and signed a note due in three years for $26,000 (ignore interest). d. Paid $2,000 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. e. Stockholder Jonah Lee paid $370,000 cash for a house for his personal use. 4. Prepare a classified balance sheet for Laser Delivery Services at December 31. Include Retained Earnings on the balance sheet even though the account has a zero balance. LASER DELIVERY SERVICES, INCORPORATED Balance Sheet At December 31 Assets Liabilities Current Assets Cash $ 41,000 Notes Payable (long-term) $ 42,500 Total Current Assets Total Current Liabilities 42,500 Land 41,000 16,500 30,000 Stockholders' Equity Common Stock 45,000 Equipment Retained Earnings Total Stockholders' Equity 87,500 Total Liabilities 45,000 87,500 Total Assets $ $