t One myUNB Portal Home Saved Chapter & A Help Lee Delivery Company was organized at the beginning of 2020. The following transactions occurred during 2020 (the company's first year of operations): a. Received $41,500 cash from the organizers in exchange for shares in the new company. b. Purchased land for $16,300 and signed a one-year note (at a 6 percent annual interest rate). c. Bought two used delivery trucks for operating purposes at the start of the year at a cost of $10,600 each; paid $5,300 cash and signed a promissory note for the balance, payable over the next three years (at an annual interest rate of 7 percent). d. Sold one-fourth of the land for $4,075 to Birkins Moving, which promised to pay in six months. e. Paid $2,300 cash to a truck repair shop for a new motor for one of the trucks. (Hint: Increase the account you used to record the purchase of the trucks since the usefulness of the truck has been improved.) f Traded the other truck and $6,300 cash for a new one. The old truck's fair value is $10,600. g. Shareholder Jonah Lee paid $27,800 cash for a vacant lot (land) for his personal use. h. Collected the amount of the note due from Birkins Moving in (d). i. Paid one-third of the principal of the note due for the delivery trucks in (c). Required: 1. Post the above transactions into the appropriate T-accounts, beginning balances is $0 for all accounts. Beg. bal. 8. 4,075 h. Cash 0 Short-Term Notes Receivable Beg. bal. 0 41,500 5,300 c d. 4,075 d. 4,075 2,300. 6,300. 5,300 End. bal. 26,375 End. bal. Beg. bal. Equipment 0 21,200 10,600 2,300 Beg. bal. Land 0 b. 16,300 4,075 d. e.