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 $37,000 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 $19,000. 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. Required: 1. Summarize the financial effects of items (a)-(e) in a table. (Enter any decreases to account balances with a minus sign.) Beginning a. b. C d. 0. Ending Assets Cash Equipment = Accounts. Payable Liabilities Short-term Long-term Notes Notes Payable 0 0 0 Payable 0+ + . + Stockholders' Equity Common Stock 0