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 $45,000 cash from the investors who organized Down, Incorporated b. Borrowed $18,000 cash and signed a note due in two years. c. Ordered equipment costing $13,000. d. Purchased $9,000 in equipment, paying $4,000 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.