Ashley Stamper opened a medical practice. During July, the first month of operation, the business, titled Ashley Stamper, MD, experienced the following events:

Jul. 6 Received a contribution of $68,000 from Stamper and opened a bank account in the name of A. Stamper, MD. The corporation issued common stock to Stamper.

9 Paid $56,000 cash for land.

12 Purchased medical supplies for $1,500 on account.

15 Officially opened for business.

20 Paid cash expenses: employees' salaries, $1,300; office rent, $1,500; utilities, $100.

31 Earned service revenue for the month, $13,000, receiving cash.

31 Paid $1,050 on account.

Analyze the effects of these events on the accounting equation of the medical practice of Ashley Stamper, MD, using the following format:

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LIABILITIES + ASSETS EQUITY Contributed Capital + + Common Retained Earnings Salaries Expense Expense Expense + Medical + Supplies Cash Dividends + Service Revenue Utilities Land Accounts Payable Stock