Required information E2-12 (Algo) Analyzing the Effects of Transactions Using T-Accounts; Preparing and Interpreting a Balance Sheet (LO 2-2, LO 2-3, LO 2-4) (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 $37,000 cash from the company's founders in exchange for common stock, b. Purchased land for $14,000, signing a two-year note (ignore interest) C. Bought two used delivery trucks at the start of the year at a cost of $9,000 each; paid $3,500 cash and signed a note due in three years for $14,500 (ignore interest), d. Paid $1,800 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks e. Stockholder Jonah Lee paid $320,000 cash for a house for his personal use. E2-12 (Algo) Part 1 Required: 1. Analyze each item for its effects on the accounting equation of Laser Delivery Services for the year ended December 31. (Enter any decreases to account balances with a minus sign.) TIP: Transaction (a) is presented below as an example. TIP: The new motor in transaction (d) is treated as an increase to the cost of the truck Assets Stockholders Equity Cash Land Equipment Liabilities Notes Accounts Payable Payable (long-term) 0 0+ + Common Stock Beginning Balance 0 0 0 0 37.000 37.000 + b. + C + d 37,000 0 0 0 Ending Balance 37,000