Caren Smith opened a medical practice. During July, the first month of operation, the business, titled Caren Smith, M.D., P.C. (Professional Corporation), experienced the following events: Jul 6. Smith invested $55,000 in the business by opening a bank account in the name of C. Smith, M.D., P.C. The corporation issued common stock to Smith. 9. Paid $46,000 cash for land. 12. Purchased medical supplies for $1,800 on account. 15. Officially opened for business. 15-31. During the rest of the month, Smith treated patients and earned service revenue of $8,000, receiving cash. 29. Paid cash expenses: employees salaries, $1,600; office rent, $900; utilities, $100. 30. Returned supplies purchased on the 12th for the cost of those supplies, $700. 31. Paid $1,100 on account. -- Requirement 1. Analyze the effects of these events on the accounting equation of the medical practice of Caren Smith, M.D., P.C. Use a format similar to that of Exhibit 1-6, with headings for Cash, Medical supplies, Land, Accounts payable, Common stock, and Retained earnings.