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 $34,000 cash from the investors who organized Down, Incorporated b. Borrowed $19,000 cash and signed a note due in two years. c. Ordered equipment costing $16,000. d. Purchased $10,000 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 accqunt. Prepare a classified balance sheet at May 31, Include Retained Earnings with a balance of zero. Required information Assets Current Assets Cash bangun At May 31 Liabilities Current Liabities Accounts Payable Notes Payable (short-term) S 8.000 8,000 Total Current Assets 0 Total Current Labtes Notes Payable long-term) 18,000 19,000 Equipment Total Liabilites 35,000 Stockholders' Equity Common Stock Retained Eaminos Total Stockholders' Equity