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E$2-16($Static$)$ Analyzing the Effects of Transactions Using TAccounts, Preparing a Balance Sheet, and Evaluating the Current Ratio over Time as a Bank Loan Officer LO$2-4,2-5$

$[$The following information applies to the questions displayed below.$]$

Bailey Delivery Company, Incorporated, was organized in $2021$ 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 $\backslash (\backslash$$ $1\mathrm{.}00\backslash )$ per share$)$ with a market value of $\backslash (\backslash$$ $4\backslash )$ per share.

b$.$ Purchased land in Wisconsin for $\backslash (\backslash$$ $16,000\backslash ),$ 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 $\backslash (\backslash$$ $10,000\backslash )$ each; paid $\backslash (\backslash$$ $4,000\backslash )$ cash and signed a note due in three years for the rest $($ignore interest$).$

d$.$ Paid $\backslash (\backslash$$ $1,000\backslash )$ 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 $\backslash (\backslash$$ $4,000\backslash )$ to Pablo Development Corporation, which signed a six$-$month note.

f$.$ Stockholder Helen Bailey paid $\backslash$$$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.