Required information (The following information applies to the questions displayed below.) Laser Delivery Services, Inc. (LDS). was incorporated January 1. The following transactions occurred during the year. a. Received $50,000 cash from the company's founders in exchange for common stock. b. Purchased land for $17,000, signing a two-year note (ignore interest). c Bought two used delivery trucks at the start of the year at a cost of $15,000 each; paid $2,500 cash and signed a note due in three years for $27,500 (ignore interest). d. Paid $2,500 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. e. Stockholder Jonah Lee paid $380,000 cash for a house for his personal use. 3. Show the effects of the journal entries by account, using the T-account. Cash Equipment Beg. Bal. Beg. Bal End, Bal End, Bal Land Notes Payable 3. Show the effects of the journal entries by account, using the T-account. Canh Equipement Beg Bal. Beg. Bal. End. Bal. End, Bal. Land Notes Payable Beg Bal Beg. Bal. End Bal. End. Bal. Common Stock Beg Bal End. Bai work Seved e Stockholder Jonah Lee paid $380,000 cash for a house for his personal use. 4. Prepare a classified balance sheet for LDS at December 31. Include Retained Earnings on the balance sheet even though the account has a zero balance. LASER DELIVERY SERVICES, INC Balance Sheet 0 0 $ 0 0 work Saved Her Required information The following information applies to the questions displayed below.) Laser Delivery Services, Inc. (LDS), was incorporated January 1. The following transactions occurred during the year: a. Received $50,000 cash from the company's founders in exchange for common stock. b. Purchased land for $17,000, signing a two-year note (ignore interest). c Bought two used delivery trucks at the start of the year at a cost of $15,000 each; paid $2,500 cash and signed a note due in three years for $27,500 (ignore interest). d. Paid $2,500 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. e Stockholder Jonah Lee paid $380,000 cash for a house for his personal use. 5. Using the balance sheet, indicate whether LDS's assets at the end of the year were financed primarily by liabilities or stockholders equity. Liabilities Stockholders' Equity