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 de-motivational posters and office products. Down, Incorporated, encountered the following events during its first month of operations. a. Received $31,000 cash from the investors who organized Down, incorporated b. Borrowed $16,000 cash and signed a note due in two years. c. Ordered equipment costing $13,000. d. Purchased $7,000 in equipment, paying $2,000 in cash and signing a six-month note for the balance. e. Received 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 Eamings with a thalance of zero