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 (L.DS), was incorporated January 1. The following transactions occurred during the year: a. Recelved $35,000 cash from the company's founders in exchange for common stock. b. Purchased land for $10,000, signing a two-year note (ignore interest). c. Bought two used delivery trucks at the start of the year at a cost of $11,000 each; paid $3,000 cash and signed a note due in three years for $19,000 (ignore interest). d. Paid $1,000 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. e. Stockholder Jonah Lee pald \$240,000 cash for a house for his personal use. E2-12 (Algo) Part 5 5. Using the balance sheet, indicate whether Laser Delivery Services's assets at the end of the year were financed primarily by llabilities or stockholders' equity. Liabilities Stockholders' Equity