Background: Dr. Smith started his own medical practice on the 1st of January of this year. For those patients he actually collects from, his average net revenue per patient is $75 per visit. He sees 20 patients a day, four and a half days per week. He never takes a vacation because one of every 10 patients doesn't pay. The net accounts receivable balance was $121,500 at the end of the year. Smith, P.C. employees 2 staff, Mary and Patrick, each make $37,500/year in salary. At the end of the year there were two weeks of accrued salaries and employee benefits. Employee benefits are 22% of salaries. Medical supplies average 5% of gross patient revenue. The practice uses $3,000 in annual office supplies. He bought the office condo out of which he runs his practice at the start of the year for $330,000, which was financ The estimated useful life of the building is 30 years. His monthly mortgage payment (principal and interest) equals $2,850 and the first payment was due Jan 1st. Principal paid for the year was $3,000. His significant other, Joan, volunteers at the city art museum. They spend $250 per week on day care for their son. Required Analysis: 1) Prepare Journal Entries for Smith's first year of operations on Tab "JE". 2) Complete the Statement of Operations for Smith's first year of operations on tab "P&L"