1.Record the issue of additional 140,000 shares of common stock for $10 per share.

2.Record the purchase of 14,000 shares of its own common stock for $35 per share.

3.Record the resale of 8,000 shares of treasury stock at $36 per share.

4.Record the declaration of 15,400($0.10 per share) cash dividend on its common stock to all stockholders of record on December 15.

5.Record the payment of cash dividend declared on Dec1.

6.Record the payment of 900,000 for construction of new cabins and other facilities. The entire expenditure is recorded in buildings account.

7.Prepare the closing entry for the revenue account.

8.Prepare the closing entry for the expense and loss accounts.

9.Prepare the closing entry for the dividend account.

Income Statement For the Period Ended December 31, 2022 $ O O O Net Sales O O Gross Profit 0 Operating Expense boo ooo OOO Total Operating Expenses Operating Income (Loss) oo oo oo O $Required information Great Adventures Problem AP10-1 [The following information applies to the questions displayed below. ] 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 ifthey 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 102,000 shares of common stock for $10 per share. Purchase 10,200 shares of its own common stock (i.e., treasury stock) for $16 per share. November24 Resell 4,200 shares of treasury stock at $17 per share. Declare a cash dividend on its common stock of $11,640 ($0.10 per share) to all stockholders of record on December 15. DecemberZU Pay the cash dividend declared on December 1. Pay $805,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account. Novemberl December 1 December31 HasAn fAMIIA GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets: Current Liabilities: $ 0 $ 0 O o o 0 0 0 0 0 O O Total Current Liabilities O oo O Total Current Assets O Total Liabilities Long-term Assets: Stockholders' Equity 0 O 0 0 0 0 Total Stockholders' Equity 0 $ 0 Total Liabilities and Stockholders' Equity $ 0 Total assets