Required information E2-11 (Algo) Recording Journal Entries and Preparing a Classified Balance Sheet (LO 2-1, LO 2-2, LO 2-4, LO 2.5) The following information applies to the questions displayed below.) Assume Down, Incorporated, was organized on May 1 to compete with Despair Incorporated--a company that sells de motivational posters and office products. Down, Incorporated, encountered the following events during its first month of operations a. Received $34.000 cash from the investors who organized Down, Incorporated b. Borrowed $19.000 cash and signed a note due in two years. c. Ordered equipment costing $16,000. d. Purchased $10,000 in equipment, paying $2,000 in cash and signing a six-month note for the balance. e. Received the equipment ordered in (paid for half of it, and put the rest on account E2-11 (Algo) Part 3 3. Prepare a classified balance sheet at May 31. Include Retained Earnings with a balance of zero