Required information [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. 2. Record the effects of each item using a journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Answer is not complete. No Transaction General Journal Debit Credit 1 a 40,000 Cash Common Stock >> 40,000 > 2 12.000 b Land 2. Record the effects of each item using a journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Answer is not complete. No Transaction General Journal Credit Debit 40,000 > 1 a Cash Common Stock O 40,000 2 b 12,000 Land Notes Payable (long-term) OO 12,000 3 > C 20,000 Equipment Cash 2,000 4 2,000 Equipment Cash 2,000 5 No Journal Entry Required 0 X OX