Lee Delivery Company was organized at the beginning of Year 1. The following transactions occurred...
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Lee Delivery Company was organized at the beginning of Year 1. The following transactions occurred during the year: Received $41,500 cash from the organizers in exchange for shares in the new company. Purchased land for $16,300 and signed a one-year note (at a 6 percent annual interest rate). Bought two used delivery trucks for operating purposes at the start of the year at a cost of $10,600 each; paid $5,300 cash and signed a promissory note for the balance, payable over the next three years (at an annual interest rate of 7 percent). Sold one-fourth of the land for $4,075 to
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