E2-12 (Algo) Analyzing the Effects of Transactions Using T-Accounts; Preparing and Interpreting a Balance Sheet [LO 2-2, LO 2-3, LO 2-4] Skip to question [The following information applies to the questions displayed below.] Laser Delivery Services, Incorporated (LDS), was incorporated January 1. The following transactions occurred during the year: Received $39,000 cash from the company's founders in exchange for common stock. Purchased land for $15,000, signing a two-year note (ignore interest). Bought two used delivery trucks at the start of the year at a cost of $11,000 each; paid $4,500 cash and signed a note due in three years for $17,500 (ignore interest). Paid $2,000 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. Stockholder Jonah Lee paid $340,000 cash for a house for his personal use. E2-12 (Algo) Part 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.