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 $15,500, signing a two-year note (ignore interest). c. Bought two used delivery trucks at the start of the year at a cost of $12,000 each; paid $5,000 cash and signed a note due in three years for $19,000 (ignore interest). d. Paid $1,500 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. e. Stockholder Jonah Lee paid $350,000 cash for a house for his personal use. 3. Show the effects of the journal entries by account, using T-accounts.