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Required information [The following information applies to the questions displayed below.) Bailey Delivery Company, Inc., was organized in 2018 in Wisconsin. The following transactions occurred during the year a. Received cash from investors in exchange for 10,000 shares of stock (par value of $1.00 per share) with a market value of $4 per share. b. Purchased land in Wisconsin for $16,000, signing a one-year note (ignore interest) c Bought two used delivery trucks for operating purposes at the start of the year at a cost of $10,000 each paid $4,000 cash and signed a note due in three years for the rest (ignore interest) d. Paid $1,000 cash to a truck repair shop for a new motor for one of the trucks (increase the account you used to record the purchase of the trucks because the productive life of the truck has been improved) e Sold one-fourth of the land for $4,000 to Pablo Development Corporation, which signed a six-month note 1. Stockholder Helen Bailey paid $27,600 cash for a vacant lot (land) in Canada for her personal use. Required: 1. Using the T-accounts, record the effects of these transactions by Bailey Delivery Company he Accounting Process/Balance Sheet Saved Help Save & E Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate comple Return to Required: 1. Using the T-accounts, record the effects of these transactions by Bailey Delivery Company 13 Cash Answer is not complete. Short-Term Notes Receivable Beg Bal (e) 4,000 0 Bog. Bal (a) 40,000 > 3 4,000 1,000 (c) (d) End. Bal. 35,000 End. Bal. 4,000 Equipment Bog. Bal (b) Land 0 16,000 Beg. Bal (c) (d) >> 20,000 1,000 End. Bal 16,000 End. Bal. 21,000 Short-Term Bog. Bal os Payable 0 16,000 (0) Beg Ball Long-Term Notes Payable 0 16,000 (0) w Prey 10 11 12 12 IES Nay Short-Term Notes Payable Beg Bal Beg. Bal. Long-Term Notes Payable 0 16,000 (C) 16,000 (b) End, Bal 16,000 End. Bal 16,000 Common Stock Beg Bat Beg Bal Additional Paid-in Capital 0 30,000 (a) 10,000 (a) End, Bal 10,000 End Bal 30,000