Required information Assume Down, Inc., was organized on May 1 to compete with Despair, Inc.-a company that sells de-motivational posters 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. 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 15,000 Equipment 25,000 15,000 Notes Payable (long-term) Total Liabilities Stockholders' Equity Common Stock Retained Earnings 60,000 0 60.000 75,000 Total Assets $ 95,000 Total Liabilities and Stockholders' Equity $