2 Compute the companys current ratio for the current yent. H for Le Chateau? Analyzing the Erfects of Transactions Using T-Accounts, Preparing a Statement of Pinancial Position, and Interpreting the Current Ratio over Time as a Bank Loan oficer (AP2-8) Lee Delivery Company Inc. was organized at the beginning of 2017. The following transactions occurred during 2017 (the company's first year of operations) a. Received S40,000 cash from the organizers in exchange for shares in the new company. A Purchased land for 816,000 and signed a one-year note (at a 6 percent annual interest rate). e Bought two used delivery trucks for operating purposes at the start of the year at a cost of S10,000 each paid 83,000 cash and signed a promiswory note for the balance, payalle over the next three years (at an annual interest rate of 7 percent). d. Sold one fourth of the land for $4,000 to Birkins Moving, which promised to pap in six months e Paid 82,000 cash to a truck repair shop fora new motor for one of the trucks Hint Lerease the account you used to record the purchase of the trucks since the usefulness nf th truck has been ipovd ) P2-8 S Traded the other truck and $6,000 cash for a new one. The old trucks tair vau in 610000 g Shareholder Jonah Lee paid $27,00 cash for a vacant lo (lad) for his personal h. Collected the amount of the note due from Birkiras Moving in it) L. Paid one-thurd of the principal of the note due for the delivery trucks in (e) Required: I. Set up appropriate T-accounts with beginning balances of S0 for cash, short-term notes receivable, land, equipment, short-term notes payable, long-term notes payable, and contributed capital. Using the T-accounts, record the effects of these transactions on Lee Delivery Company 2 Prepare a classified statement of financial position for Lee Delivery Company at the end of 2017. Compute the current ratio at that date. 3. At the end of the next two years, Lee Delivery Company reported the following amounts on its statements of financial position December 31, 2018 December 31, 2019 $ 47,000 73.000 Current assets Non-current assets Total assets $52,000 38,000 90,000 23,000 17,000 40,000 120,000 40,000 20,000 Short term notes payable Long term notes payable Total liabilities 60,000