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2-a. Prepare a classified statement of financial position for Lee Delivery Company at the end of Year 1. 2-b. Compute the current ratio at that date. (Round the final answer to 2 decimal places.) 3. At the end of the next two years, Lee Delivery Company reported the following amounts on its statements of financial position: 3-a. Compute the company's current ratio for Years 1,2, and 3. (Round the final answers to 2 decimal places.) 4. At the beginning of Year 4, Lee Delivery Company applied to your bank for a $50,000 short-term -loan to expand the business. The vice-president of the bank asked you to review the information and make a recommendation on lending the funds based solely on the results of the current ratio. What recommendation would you make to the bank's vice-president about lending the money to Lee Delivery Company? Should not extend loan Sthould extendioan Required: 1. Post the above transactions into the appropriate T-accounts, beginning balances is $0 for all accounts. P2-8 (Algo) Analyzing the Effects of Transactions Using T-Accounts, Preparing a Statement of Financial Position, and Interpreting the Current Ratio over Time as a Bank Loan Officer LO2-5, 2-6 Lee Delivery Compony was organized at the beginning of Year 1 . The following transactions occurred during the year a. Received $50,000 cash from the organizers in exchange for shares in the new company. b. Purchased fand for $18,000 and signed a one-year note (at a 6 percent annual interest rate). c. Bought two used delivery trucks for operating purposes at the start of the year at a cost of $14,0. 0 each, paid $7,000 cash and signed a promissory note for the balance, payable over the next three years (at an onnual interest rate of 7 percent) d. Sold one-fourth of the land for $4,500 to Birkins Moving, which promised to pay in six months. e. Paid $4,000 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 usefuiness of the truck has been improved) f. Traded the other truck and $8,000 cash for a new one. The old truck's fair value is $14,000 9. Shareholder Jonah Lee paid $29,500 cash for a vacant lot (iand) for his personal use. h. Collected the amount of the note due from Birkins Moving in (d) i. Poid one-third of the principal of the note due for the delivery trucks in (c). Required: 1. Post the above transactions into the oppropriate T-accounts, beginning balances is $0 for oll accounts anment 2 - Chapter 2 i Soved \begin{tabular}{|l|l|l|l|l|l|l|l|l|} \hline & & & & & & \\ \hline End bal. & & & & & & \\ \hline \end{tabular}