Question: Marks as incomplete. I think its missing a title above Land. But idk ! Required information [The following information applies to the questions displayed below.)

Marks as incomplete. I think its missing a title above Land. But idk

Marks as incomplete. I think its missing a title above Land. Butidk ! Required information [The following information applies to the questions displayed

! Required information [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. a. Received $51,000 cash from the company's founders in exchange for common stock. b. Purchased land for $17,500, signing a two-year note (ignore interest). c. Bought two used delivery trucks at the start of the year at a cost of $10,000 each; paid $3,000 cash and signed a note due in three years for $17,000 (ignore interest). d. Paid $1,500 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. e. Stockholder Jonah Lee paid $390,000 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. LASER DELIVERY SERVICES, INCORPORATED Balance Sheet At December 31 Assets Liabilities Current Assets Cash S 46,500 Notes Payable (long-term) $ 34,500 46,500 Total Current Assets 34,500 Total Liabilities Stockholders' Equity Land 17,500 51,000 Common Stock Equipment 21,500 Total Stockholders' Equity 85,500 Total Liabilities and Stockholders' Equity 51,000 S $ 85,500 Total Assets

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