August 17 August 24 to the $7,700 that was received in advance from kayakers on July 30, the company receives additional cash of $3,200 from twenty new kayakers on the day of the clinic. Tony and Suzie conducts a second kayak clinic, and the company receives $12,100 cash. Office supplies of $1,800 purchased on July 4 are paid in full. September 1 To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed for one year, paying $2,520 ($210 per month) in advance. September 21 Tony and Suzie conduct a rock-climbing clinic. The company receives $13,200 cash. October 17 December 1 Tony and Suzie conduct 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 $18,100 cash. Tony and Suzie decide 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 tean is $580. December 5 To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $60 in salary for each team that competes in the race. His salary will be paid after the race. December 8 The company pays $1,700 to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense. December 12 The company purchases racing supplies for $2,500 on account due in 30 days. Supplies include trophies for the top- finishing teams in each category, promotional shirts, snack foods and drinks for participants, and field markers to prepare the racecourse. December 15 The company receives $23,200 cash from a total of forty teams, and the race is held. December 16 The company pays Victor's salary of $2,400. December 31 The company pays a dividend of $3,700 ($1,850 to Tony and $1,850 to Suzie). December 31 Using his personal money, Tony purchases a diamond ring for $4,800. Tony surprises Suzie by proposing that they get married. Suzie accepts and they get married! The following information relates to year-end adjusting entries as of December 31, 2024. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $5.720. 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 $1,800 of office supplies purchased on July 4, $220 remains. e. Interest expense on the $48,000 loan obtained from the city council on August 1 should be recorded. t. Of the $2,500 of racing supplies purchased on December 12, $140 remains. g. Suzie calculates that the company owes $13,700 in income taxes.