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 $39,000 cash from the company's founders in exchange for common stock. b. Purchased land for $12,000, signing a two-year note (ignore interest). Bought two used delivery trucks at the start of the year at a cost of $15,000 each; paid $5,000 cash and signed a note due in three years for $25,000 (ignore interest). d. Paid $1,400 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. e Stockholder Jonah Lee paid $280,000 cash for a house for his personal use. 4. Prepare a classified balance sheet for LDS at December 31. Include Retained Earnings on the balance sheet ev account has a zero balance. LASER DELIVERY SERVICES, INC. Balance Sheet At December 31 0 0 $ 0 $ 0