Aug. 4 The company purchases 14 kayaks, paying $18,000 cash. Aug. 10 Twenty additional kayakers pay $3,000 ($150 each), in addition to the $4,000 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic Aug. 17 Tony conducts a second kayak clinic, and the company receives $11,300 cash. Aug. 24 Office supplies of $1,600 purchased on July 4 are paid in full Sep. 1 To provide better storage of mountain bikes and kayaks when not in use, the company rent a storage shed for one year, paying $3,360 ($280 per month) in advance. Sep. 21 Tony conducts a rock-climbing elinic. The company receives $14,600 cash. Oct. 17 Tony conducts an orienteering clinic. Participants practice how to understand a topographical map, read an altimeter, use a compass, and orient through heavily wooded areas. The company receives $19,500 cash Dec. 1 Tony decides to hold the company's first adventure race on December 15. Four-person teams will race from checkpoint to checkpoint using a combination of mountain biking, kayaking, orienteering, trail running, and rock-climbing skills. The first team in each category to complete all checkpoints in order wins. The entry fee for each team is $700 Dec. Dec. 8 The company pays $1,200 to purchase a permit from a state park where the race will be held. The Dec. 12 The company purchases racing supplies for $2,100 on account due in 30 days. Supplies include trophies 5 To help organize and promote the race, Tony hires his college roommate, Victor. victor will be paid s60 in salary for each team that competes in the race. His salary will be paid after the race. amount is recorded as a miscellaneous expense for the top-finishing teams in each eategory, promotional shirts, snack foods and drinks for participants, and field markers to prepare the racecourse Dec. 15 The company receives $28,000 cash from a total of forty teams, and the race is held. Dec. 16 The company pays victor's salary of $2,400 Dec. 31 The company pays a dividend of $4,100 ($2,050 to Tony and $2,050 to Suzie) Dec. 31 Using his personal money, Tony purchases a diamond ring for ,000. Tony surprises Suzie by proposing that they get married. Suzie accepts and they get marriedt The following information relates to year-end adjusting entries as of December 31, 2021. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $7,000. b. Six months' of the one-year insurance policy purchased on July 1 has expired c. Four months of the one-year rental agreement purchased on September 1 has expired d. Of the $1,600 of office supplies purchased on July 4, $400 remains. e. Interest expense on the $43,000 loan obtained from the city council on August 1 should be recorded