Required information [The following information applies to the questions displayed below] Assume Down, Incorporated, was organized on May 1 to compete with Despair, Incorporated-a company that sells demotivational posters and office products. Down, Incorporated, encountered the following events during its first month of operations. a. Recelved $32,000 cash from the investors who organized Down, Incorporated b. Borrowed $17,000 cash and signed a note due in two years. c. Ordered equipment costing $14,000. d. Purchased $8,000 in equipment, paying $2,000 in cash and signing a six-month note for the balance. e. Recelved the equipment ordered in (c). 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. 3. Prepare a classified balance sheet at Mav 31 . Include Retained Farninns with a halanre nf zorn