Laser Delivery Services, Incorporated (LDS), was incorporated January 1. The following transactions occurred during the year:

Received $50,000 cash from the company's founders in exchange for common stock.

Purchased land for $17,000, signing a two-year note (ignore interest).

Bought two used delivery trucks at the start of the year at a cost of $15,000 each; paid $2,500 cash and signed a note due in three years for $27,500 (ignore interest).

Paid $2,500 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks.

Stockholder Jonah Lee paid $380,000 cash for a house for his personal use.

Prepare a classified balance sheet for Laser Delivery Services at December 31. Include Retained Earnings on the balance sheet even though the account has a zero balance.

Laser Delivery Services, Incorporated (LDS), was incorporated January 1. The following transactions occurred during the year: a. Received $50,000 cash from the company's founders in exchange for common stock. b. Purchased land for $17,000, signing a two-year note (ignore interest). c. Bought two used delivery trucks at the start of the year at a cost of $15,000 each; paid $2,500 cash and signed a note due in three years for $27,500 (ignore interest). d. Paid $2,500 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. e Stockholder Jonah Lee paid $380,000 cash for a house for his personal use. 4. Prepare a classified balance sheet for Laser Delivery Services at December 31. Include Retained Earnings on the balance sheet even though the account has a zero balance. LASER DELIVERY SERVICES, INCORPORATED Balance Sheet