Dr. Jaqueline Favata opened a medical practice specializing in physical therapy. During the first month of operation (January), the business, titled Dr. Jaqueline Favata, Professional Corporation (P.C.), experienced the following events: (Click the icon to view the events.) Read the fequirements. + Requirement 1. Analyze the effects of these events on the accounting equation of the medical practice of Dr. Jaqueline Favata, P.C. Begin with the first transaction on January 6. (Use parentheses or a minus sign when decreasing accounts. If an input field is not used in the table leave the field empty; do not enter a zero. Enter the transactions in the same order as they appear in the original list.) Assets Liabilities Accts Medical Accts Cash + Rec + Supplies + Land Pay Note Payable Stockholders' Equity Common Retained Stock Type of Equity + Earings Transaction Next More info Jan 6 Jan 9 Jan Jan Favata invested $154,000 in the business, which in turn issued its common stock to her. The business paid cash for land costing $58,000. Favata plans to build an office building on the land. 12 The business purchased medical supplies for $1,700 on account. 15 Dr. Jaqueline Favata, P.C., officially opened for business. Jan 15-31 During the rest of the month, Favata treated patients and earned service revenue of $9,400, receiving cash for half the revenue earned. Jan 15-31 The business paid cash expenses: employee salaries, $3,100; office rent, $1,000; utilities, $900. (Record the cash amount as a total and identify and record any other amounts separately.) Jan 31 Jan Jan 31 31 The business sold supplies to another physician for cost of $100 and received cash. The business borrowed $31,000, signing a note payable to the bank. The business paid $1,000 on account. V Requirements. 1. Analyze the effects of these events on the accounting equation of the medical practice of Dr. Jaqueline Favata, P.C. 2. After completing the analysis, answer these questions about the business. a. How much are total assets? b. How much does the business expect to collect from patients? c. How much does the business owe in total? d. How much of the business's assets does Favata really own? - X Ja e. How much net income or net loss did the business experience during its first month of operations? line ut f Assets Liabilities Accts Medical Accts Cash Rec. Supplies + Land Pay Note +Payable + Common Retained Stock + Earnings Stockholders' Equity Type of Equity Transaction Jan 6 9 12 15 Requirement 2. After completing the analysis, answer these questions about the business. a. How much are total assets? b. How much does the business expect to collect from patients? c. How much does the business owe in total? I D. How much does the business expect to conect from patients C. How much does the business owe in total? I d. How much of the business's assets does Favata really own? e. How much net income or net loss did the business experience during its first month of operations? (Enter the amount as a positive value). The business experienced of during its first month of operations.