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 $35,000 cash from the company's founders in exchange for common stock. b. Purchased land for $13,000, signing a two-year note (ignore interest). c. Bought two used delivery trucks at the start of the year at a cost of $7,000 each; paid $2,500 cash and signed a note due in three years for $11,500 (ignore interest). d. Paid $1,600 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 arm decreases to account balances with a minus sign.)