Smith Law Firm specializes in the preparation of wills for estate planning. On October 1, 2024, the company begins operations by issuing stock for $11,000 and obtaining a loan from a local bank for $16,000. By the end of 2024, the company provides will preparation services of $23,000 cash and pays employee salaries of $14,000. In addition, Smith pays $1,100 in cash dividends to stockholders on December 31, 2024.