Allison LaChappelle opens a medical practice to specialize in child care. During the firstmonth of operation, January, her practice, entitled Allison LaChappelle, Professional Corporation(P.C.), experienced the following events:Jan. 6 LaChappelle invested \(\$ 100,000\) in the business by purchasing its common stock.9 LaChappelle paid cash for land costing \(\$ 65,000\). She plans to build an office buildingon the land.12 She purchased medical supplies for \(\$ 2,000\) on account.

Jan. 15 LaChappelle officially opened for business.15-31 During the rest of the month she treated patients and earned service revenue of\(\$ 8,000\), receiving cash.15-31 She paid cash expenses: employee salaries, \(\$ 1,400\); office rent, \(\$ 1,000\); utilities, \(\$ 300\).28 She sold supplies to another physician for cost of \(\$ 500\).31 She paid \(\$ 1,500\) on account.RequiredAnalyze the effects of these events on the accounting equation of the medical practice of AllisonLaChappelle, P.C. Use a format similar to that of Exhibit 1-6, with headings for Cash; MedicalSupplies; Land; Accounts Payable; Common Stock; and Retained Earnings.