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P2-8 Analyzing the Effects of Transactions Using T-Accounts, Preparing a Statement of Financial Position, and Interpreting the Current Ratio over Time as a Bank Loan Officer LO2-5, 2-6 Lee Delivery Company was organized at the beginning of 2020. The following transactions occurred during 2020 (the company's first year of operations) a. Received $49.000 cash from the organizers in exchange for shares in the new company. b. Purchased land for $17,800 and signed a one-year note (at a 6 percent annual interest rate) c. Bought two used delivery trucks for operating purposes at the start of the year at a cost $13,600 each; paid $6,800 cash and signed a promissory note for the balance, payable over the next three years (at an annual interest rate of 7 percent). d. Sold one-fourth of the land for $4.450 to Birkins Moving, which promised to pay in six months e. Paid $3,800 cash to a truck repair shop for a new motor for one of the trucks. (Hint: Increase the account you used to record the purchase of the trucks since the usefulness of the truck has been improved.) Traded the other truck and $7,800 cash for a new one. The old truck's fair value is $13,600, g. Shareholder Jonah Lee paid $29,300 cash for a vacant lot (and) for his personal use. h. Collected the amount of the note due from Birkins Moving in (d). L Paid one-third the principal of the note due for the delivery trucks in (c) Required: 1. Post the above transactions into the appropriate T-accounts, beginning balances is $0 for all accounts Cash Beg. bal Short-Term Notes Receivable Bogbal 0 49,000 4,450 End, bal 53,450 End, bal Land Beg bal Equipment 0 Beg bal 0 End bal End bal Short-Term Notes Payable Begbal Long-Term Notes Payable 0 Beg, bal End, bal End, bal Contributed Capital o Bogbal End. bal LEE DELIVERY COMPANY Statement of Financial Position As at December 31, 2020 Assets Current as Liabilities Current babes Tot current liabilities Tout current assets Non-cents 0 Total abilities 0 Shareholders' Equity Total assets Total shareholders equity Total Babies and shareholders equity 0 $ 0 2-b. Compute the current ratio at that date. (Round the final answer to 2 decimal places.) Current ratio 3. At the end of the next two years, Lee Delivery Company reported the following amounts on its statements of financial position: Current assets Non-current assets Total assets Short-term notes payable Long term notes payable Total liabilities Shareholders' equity December 31 2021 61,000 47.000 100,000 32.000 25,000 50,000 50,000 December 31 2022 5 56,000 82,000 138,000 49,000 29,000 7,80 60,000 3-a Compute the company's current ratio for 2020 2021, and 2022 (Round the final answers to 2 decimal places.) 2020 2021 2022 Current rato

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