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 $43,000 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 $25,000. d. Purchased $7,000 in equipment, paying $3,000 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. e. Ending Assets Liabilities Stockholders' Equity Cash Equipment = Accounts Payable Short-term Notes Payable Long-term Notes Payable + Common Stock 0 0 = 0 0 0+ 0 = + = = + +