Answer Happy

11 art 4 of 5 5 Ints Laser Delivery Services, Incorporated (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. 4. Prepare a classified balance sheet for Laser Delivery Services at December 31. Include Retained Earnings on the balance sheet even though the account has a zero balance Answer is not complete. LASER DELIVERY SERVICES, INCORPORATED Balance Sheet At December 31 Current Assets Cash 0 17.000 $ 17.000 Total Current Assets Land Equipment Assets 30 Liabilities Notes Payable (long-term) Total Liabilities Common Stock Retained Earnings Stockholders Equity Total Stockholders Equity ✓ 1 $ 44,500 44,500 50.000 50,000 94.500 $ >> you have completed so f 3