E$2-12($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 $$26,000$ cash from the company's founders in exchange for common stock.Purchased land for $$8,500,$ signing a two$-$year note $($ignore interest$).$Bought two used delivery trucks at the start of the year at a cost of $$8,000$ each; paid $$1,500$ cash and signed a note due in three years for $$14,500($ignore interest$).$Paid $$700$ cash to a truck repair shop for a new motor, which increased the cost of one of the trucks.Stockholder Jonah Lee paid $$210,000$ cash for a house for his personal use.