1 Tony and Suzie have purchased land for a new camp Now they need money to build the cabins, dining facility, a ropes course, and an outdoor swimming pool Tony and Suzie first checked with Summit Bank to see if they could borrow an additional $1 million, but unfortunately, the bank turned them down as too risky Undeterred, they promoted their idea to close friends they had made through the outdoor clinics and TEAM events They decided to go ahead and sell shares of stock in the company to raise the additional funds for the camp Great Adventures has authorized $1 par value common stock When the company began on July 1, 2021, Tony and Suzie each purchased 10,000 shares (20,000 shares total) of $1 par value common stock at $1 per share The following transactions affect stockholders equity during the remainder of 2022 November 5 Issue an additional 114,000 shares of common stock for $10 per share November 16 Purchase 11,400 shares of its own common stock (i e , treasury stock) for $22 per share November 24 Resell 5,400 shares of treasury stock at $23 per share December 1 Declare a cash dividend on its common stock of $12,800 ($0 10 per share) to all stockholders of record on December 15 December 20 Pay the cash dividend declared on December 1 December 31 Pay $835,000 for construction of new cabins and other facilities The entire expenditure is recorded in the Buildings account 2 Required information The following information applies to the questions displayed below National League Gear has two classes of stock authorized 4 , $20 par preferred, and $5 par value common The following transactions affect stockholders equity during 2021, National Leagues first year of operations February 2 Issue 1 1 million shares of common stock for $26 per share February 4 Issue 510,000 shares of preferred stock for $23 per share June 15 Purchase 110,000 shares of its own common stock for $21 per share August 15 Resell 82,500 shares of treasury stock for $36 per share November 1 Declare a cash dividend on its common stock of $1 10 per share and a $408,000 (4 of par value) cash dividend on its preferred stock payable to all stockholders of record on November 15 ( Hint Dividends are not paid on treasury stock ) November 30 Pay the dividends declared on November 1 2a Prepare the stockholders equity section of the balance sheet as of December 31, 2021 Net income for the year was $4,810,000 (Amounts to be deducted should be indicated by a minus sign )

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1. Tony and Suzie have purchased land for a new camp. Now they need money to build the cabins, dining facility, a ropes course, and

1. Tony and Suzie have purchased land for a new camp. Now they need money to build the cabins, dining facility, a ropes course, and an outdoor swimming pool. Tony and Suzie first checked with Summit Bank to see if they could borrow an additional $1 million, but unfortunately, the bank turned them down as too risky. Undeterred, they promoted their idea to close friends they had made through the outdoor clinics and TEAM events. They decided to go ahead and sell shares of stock in the company to raise the additional funds for the camp.

Great Adventures has authorized $1 par value common stock. When the company began on July 1, 2021, Tony and Suzie each purchased 10,000 shares (20,000 shares total) of $1 par value common stock at $1 per share. The following transactions affect stockholders equity during the remainder of 2022:

November	5	Issue an additional 114,000 shares of common stock for $10 per share.
November	16	Purchase 11,400 shares of its own common stock (i.e., treasury stock) for $22 per share.
November	24	Resell 5,400 shares of treasury stock at $23 per share.
December	1	Declare a cash dividend on its common stock of $12,800 ($0.10 per share) to all stockholders of record on December 15.
December	20	Pay the cash dividend declared on December 1.
December	31	Pay $835,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account.

Required information

[The following information applies to the questions displayed below.]

National League Gear has two classes of stock authorized: 4%, $20 par preferred, and $5 par value common. The following transactions affect stockholders equity during 2021, National Leagues first year of operations:

February	2	Issue 1.1 million shares of common stock for $26 per share.
February	4	Issue 510,000 shares of preferred stock for $23 per share.
June	15	Purchase 110,000 shares of its own common stock for $21 per share.
August	15	Resell 82,500 shares of treasury stock for $36 per share.
November	1	Declare a cash dividend on its common stock of $1.10 per share and a $408,000 (4% of par value) cash dividend on its preferred stock payable to all stockholders of record on November 15. (Hint: Dividends are not paid on treasury stock.)
November	30	Pay the dividends declared on November 1.

2a. Prepare the stockholders equity section of the balance sheet as of December 31, 2021. Net income for the year was $4,810,000. (Amounts to be deducted should be indicated by a minus sign.)