\begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{ GREAT ADVENTURES, INCORPORATED } \\ \hline \multicolumn{4}{|c|}{ Statement of Stockholders' Equity } \\ \hline \multicolumn{4}{|c|}{ For the year ended December 31,2024} \\ \hline & Common Stock & RetainedEarnings & TotalStockholdersEquity \\ \hline & & & \\ \hline s & 28,000 & & 28,000 \\ \hline+ & & 0 & \\ \hline & 28,000 & 49,545 & 28,000 \\ \hline \end{tabular} GREAT ADVENTURES, INCORPORATED Balance Sheet December 31, 2024 \begin{tabular}{|c|c|c|c|} \hline Assets & & Liabilities & t \\ \hline Current Assets: & . & Current Liabilities: & \\ \hline- & & & \\ \hline & & & \\ \hline & & & \\ \hline+ & & & + \\ \hline & & Total Current Liabilities & 0 \\ \hline & 0 & Long-term Liabilities: & \\ \hline & of & & \\ \hline Total Current Assets & 0 & Total Long-term Liabilities & 0 \\ \hline Long-term Assets: & & Stockholders' Equity & \\ \hline & 0 & & \\ \hline & 0 & & \\ \hline & of & & \\ \hline 7 & 0 & Total Stockholders' Equity & 0 \\ \hline Total Assets & $ & Total Liabilities and Stockholders' Equity & $ \\ \hline \end{tabular} the elinic. August 17 Tony and suzie conducts a second kayak elinio, and the conpany receives $11,900 cash. August 24 office supplies of $1,900 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 renta a storage shed for one year, paying $4,320 ( $360 per month) in advance. September 21 Tony and Suzio conduct a rock-climbing clinio. The company receives $14,500 cash. october 17 Tony and Sozie conduct an orienteering elinic. Participants practice how to understand a topographical map, read an altimeter, use a compass, and orient through heavily wooded areas. The company receives $18,400 cash. Decenber 1 Tony and Suzie decide to hold tho company's first adventure race on December 15 . Your-person teame will race froe checkpoint to checkpoint using a combination of mountain biking, kayaking, orienteering, trail running, and rock-climbing skilis. The first team in each category to complete all checkpoints in order wins. The eatry fee for each team is $680. Decenber 5 To help organize and pronote the race, Tony hires his college roomate, victor. Victor vill be paid $60 in salary for each team that conpetes in the race. His salary will be paid after the race. December 8 . The company pays $1,400 to purchase a pernit 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 $2,900 on account due in 30 days. Supplies include trophies for the top-finimhing teans in each category, promotional shirts, snack foods and drinka for participants, and field markers to prepare the racecourse. Decerber 15. The company receives $27,200 cash from a total of forty teans, and the race is held. Decenber 16 The company pays victor's salary of $2,400. December 31 The company pays a dividend of $4,700($2,350 to Tony and $2,350 to suzie). December 31 Uoing his personal money, Tony purchases a dianond ring for $4,800. Tony surprises suzte by proposing that they get married. Surie accepts and they get narried! 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 $8,140. b. Six month' 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 $1,900 of office supplies purchased on July 4,$390 remains. e. Interest expense on the $37,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,900 of racing supplies purchased on December 12,$130 remains. 9. Suzie caiculates that the company owes $13,500 in income taxes. Tony and Suzie graduate from college in May 2024 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they'll hold their first adventure races. These races will involve four-person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes course for outdoor enthusiasts. On July 1, 2024, Tony and Suzie organize their new company as a corporation, Great Adventures Incorporated The articles of incorporation state that the corporation will sell 28,000 shares of common stock for $1 each. Each share of stock represents a unit of ownership. Tony and Suzie will act as co-presidents of the company. The following business activities occur during July for Great Adventures. July 1 July 1 July 1 July 2 July 4 July 7 5azy 8 July is July 22 July 24 July 30 The following transactions occur over the renainder of 2024 . Auguat 1 Augast 4 August 10 Sell $14,000 of conmon stock to surie. sell $14,000 of common stock to Tony. Purchase a one-year insurance policy for $4,440 ( $370 por month) to cover injuries to participanta during outdoor elinici. Pay legal toes of $1,900 associated with incorporat ion. Purchase office supplies of $1,900 on account. Pay $380 to a local newspaper for advertioing to appear immediately for an upeoming nountain biking elinic to be held on July 15 . Attendees will be charged $70 on the day of the elinie. Purchase 10 mountain bikes, paying $19,800 cash. On the day of the elinic, Great Mdventures receives essh of $4,200 in total fron 60 bikers. Tony and funie conducta the mountain biking elinie. decause of the success of the flrst nountain biking elinie, Tony and sozle holds another mountain biking dinic and the coapany receives $4,600. pay $70 to a local radio station for advertioing to appear immediately, A kayaking elinic will be held on August 10 , and attendeen cas pay $110 in advance or $160 on the day of the elinie. Great Adventures recelves total eash of $7,700 in advance from 70 kayakers for the upeoning kayak elinie, Great Adventurea obtaina a $37,000 low-interest loan tor the coapany fron the eity council, which han recently passed an initiative escouraging business developsent related to outdoor activities, The loan in due in three years, and 64 annual interest is due each year on July 31. The conpany purchases 14 kayaks, paying $20,900 cash. Tony and suzie conduct the first keyak elinie. In addition to the $7,700 that was received in advance from kayakers on July 30 , the company receives additional cash of 53,200 fron twenty nes kayakers on the day of the olinie