[The following information applies to the questions displayed below.] Strauderman Delivery Company, Inc., was organized in 2014 in Wisconsin. The following transactions occurred during year 2014:

a. Received $34,300 cash from organizers in exchange for 14,700 shares of stock (par value of $1.00 per share) in the new company.

b. Purchased land in Wisconsin for $22,000, signing a one-year note (ignore interest).

c. Bought two used delivery trucks for operating purposes at the start of the year at a cost of $14,000 each; paid $2,000 cash and signed a note due in three years for the rest (ignore interest).

d. Paid $2,400 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 productive life of the truck has been improved.)

e. Sold one-fourth of the land for $5,500 to Pablo Development Corporation, which signed a six-month note.

f. Stockholder Melissa Strauderman paid $28,100 cash for a vacant lot (land) in Canada for her personal use.

1.

Post appropriate T-accounts with beginning balances of zero for Cash, Short-Term Notes Receivable, Land, Equipment, Short-Term Notes Payable, Long-Term Notes Payable, Common Stock, and Additional Paid-in Capital. Using the T-accounts, record the effects of these transactions by Strauderman Delivery Company.

2.	Prepare a trial balance at December 31, 2014.

3.	Prepare a classified balance sheet for Strauderman Delivery Company at December 31, 2014.

4.	At the end of the next two years, Strauderman Delivery Company reported the following amounts on its balance sheets:

Compute the companys current ratio for 2014, 2015, and 2016.