Check my work mode: This shows what is correct or i Required information E2-11 Recording Journal Entries and Preparing a Classified Balance Sheet [LO 2-1, LO 2-2, Assume Down, Inc., was organized on May 1 to compete with Despair, Inc.-a company that sells de-motiv and office products. Down, Inc., encountered the following events during its first month of operations. a. Received $60,000 cash from the investors who organized Down, Inc. b. Borrowed $20.000 cash and signed a note due in two years c. Ordered equipment costing $16.000 d. Purchased $9.000 in equipment, paying $2,000 in cash and signing a six-month note for the balance. e. Received the equipment ordered in (c. paid for half of it, and put the rest on account E2-11 Part 3 3. Prepare a classified balance sheet at May 31. Include Retained Earnings with a balance of zero. Answer is not complete. DOWN.INC Balance Sheet At May 31 Liabilities Current Liabilities 70,000 Accounts Payable Notes Payable (short-term) Assets Current Assets Cash $ $ 8.000 7,000 Total Current Assets 70,000 Total Current Liabilities Notes Payable (long-term) 15,000 20,000 Equipment 00 00 25.000 Total Liabilities 35.000 Stockholders' Equity Common Stock 60,000 Total Assets Total Stockholders' Euty Total Liababes and Stockholders Equity $ 95 000 60000 95.000 $