Required information [The following information applies to the questions displayed below.) Bailey Delivery Company, Inc., was organized in 2018 in Wisconsin. The following transactions occurred during the year. a. Received cash from investors in exchange for 18,000 shares of stock (par value of $1.00 per share) with a market value of $8 per share. b. Purchased land in Wisconsin for $25,000, signing a one-year note (ignore Ipterest). c. Bought two used delivery trucks for operating purposes 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 the rest (ignore interest). d. Pald $2.300 cash to a truck repair shop for a new motor for one of the trucks. (Increase the account you used to record the purchase of the trucks because the productive life of the truck has been improved) e. Sold one fourth of the land for $6,250 to Pablo Development Corporation, which signed a six-month note. 1. Stockholder Helen Bailey paid $29,500 cash for a vacant lot (land) in Canada for her personal use. Prepare a trial balance at December 31, 2018 BAILEY DELIVERY COMPANY, INC. Trial Balance For the Year Ended December 31, 2018 Dobit Cash $ 136.700 Short-term note receivable 6.250 Credit 1 and 1176 e. Sold one-fourth of the land for $6,250 to Pablo Developme f. Stockholder Helen Bailey paid $29,500 cash for a vacant k 2. Prepare a trial balance at December 31, 2018. Credit 56 BAILEY DELIVERY COMPANY, INC. Trial Balance For the Year Ended December 31, 2018 Debit Cash $ 136,700 Short-term note receivable 6,250 Land 11,750 Equipment 26,300 Short-term notes payable Long-term notes payable Common stock Additional paid-in capital 18,000 17,000 18,000 126,000 Totals $ 181,000 $ 179,000