a local walk$-$in medical practice, had the following account balances on December $31,$ the year before: Building $$480,000$ Accumulated Depreciation: Bldg $$12,000$ Cash $$20,000$ Common Stock $$300,000$ Supplies $$2,000$ Retained Earnings $$190,000$ During the current year, the following transactions occurred: $1.$ On March $1,$ it purchased a one$-$year malpractice insurance policy for $$12,000$ cash. $2.$ On July $1,$ it borrowed $$50,000$ cash from First American Bank. The interest rate on the note payable is $8\%.$ Principal and interest are due in cash in one year. $3.$ Employee salaries in the amount of $$23,000$ were paid in cash. $4.$ At the end of the year, $$1,000$ of the supplies remained on hand. $5.$ It provided $$100,000$ in consulting services for cash during the current year in cash. $6.$ On December $31,$ $$6,000$ in employee salaries were accrued. $7.$ On December $31,$ it received $$10,000$ in cash representing advance payment for services to be provided in February next year. $8.$ The annual depreciation on the building is based on a useful life of $20$ years and no salvage value. Required: A$)$ Determine the effect on the accounting equation of the preceding transactions including any related year$-$end adjusting entries that may be required. Hint: It may be helpful to create a table to reflect the increases and decreases in accounts. $($Use the minus sign to show a decrease in the account balance.$)$ B$)$ Prepare an income statement for the current year ignoring income taxes. C$)$ Prepare a statemen D$)$ Prepare a classified balance sheet as of December $31,$ the current year.