Required information E2-12 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, Inc. (LDS), was incorporated January 1. The following transactions occurred during the year: a. Received $40,000 cash from the company's founders in exchange for common stock b. Purchased land for $12,000, signing a two-year note (ignore interest). c. Bought two used delivery trucks at the start of the year at a cost of $10,000 each; paid $2,000 cash and signed a note due in three years for $18,000 (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 $300,000 cash for a house for his personal use. E2-12 Part 1 Required: 1. Analyze each item for its effects on the accounting equation of LDS for the year ended December 31. (Enter any decreases to account balances with a minus sign.) E2-12 Part 1 Required: 1. Analyze each item for its effects on the accounting equation of LDS for the year ended December 31. (Enter any decreases to account balances with a minus sign.) TIP: Transaction (a) is presented below as an example. TIP: The new motor in transaction (d) is treated as an increase to the cost of the truck. Assets Liabilities Accounts Notes Payable Payable (long-term) Stockholders Equity Common Cash Equipment Land Stock Beg 40,000 40,000