(rive following unformetion applies to the questions displayexd belos) Assume Down, incorparated, was organized on May 1 to compete wath Despair, thcorporated - a company that selis demativatonel politers and office products. Down. Incorporated, encountered the following events during sis first month af operations. a. Piccetved $38,000 cash from the investors who organized Down, incorporated b. Borrowed $17.000 cash and signed a note due in two years. c Drdered equipment costing $20.000 d Purchased $8.000 in equipment, paying $3000 in cosh and signing a six month note for the balance. e Recelved the equipment ordered in (c), paid for haif of it, and put the rest on account: Required: 1. Summarize the financial effects of items fo) -(e) in a table. (Fnter any decreases to account balances with a minus sign.)