Required information [The following information applies to the questions displayed below.] Laser Delivery Services, Incorporated (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. Required: 1. Analyze each item for its effects on the accounting equation of Laser Delivery Services 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. ! Required information 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. Beginning Balance a. b. C. d. e. Assets Liabilities + Stockholders' Equity Cash Equipment Land Accounts Payable Notes Payable (long-term) Common Stock 0 0 0 = 0 0+ 0 40,000 40,000 12,000 + 12,000 + 18,000+ + + Ending Balance 40,000 0 12,000 30,000 + 40,000