Great Adventures Problem 10 1 The following information applies to the questions displayed below Tony and Suzie purchased land costing $500,000 for a new camp in January 2014 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 another million dollars, 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 two classes of stock authorized 8 , $10 par preferred, and $1 par value common When the company began on July 1, 2012, Tony and Suzie each purchased 10,000 shares of $1 par value common stock at $1 per share The following transactions affect stockholders' equity during 2014, its third year of operations Jul 2 Issue an additional 100,000 shares of common stock for $12 per share Sep 10 Repurchase 10,000 shares of its own common stock (i e , treasury stock) for $15 per share Nov 15 Reissue 5,000 shares of treasury stock at $16 per share Dec 1 Declare a cash dividend on its common stock of $115,000 ($1 per share) to all stockholders of record on December 15 The dividend is payable on December 31 For Part 1 I got Date General Journal Debit Credit Jul 02 Cash 1,200,000 Common stock 100,000 Additional paid in capital 1,100,000 Sep 10 Treasury stock 150,000 Cash 150,000 Nov 15 Cash 80,000 Treasury stock 75,000 Additional paid in capital 5,000 Dec 01 Dividends 115,000 Dividends payable 115,000 Dec 31 Dividends payable 115,000 Cash 115,000 Im struggling with part 2 Great Adventures Problem 10 1 Part 2 2 Great Adventures has net income of $150,000 in 2014 Retained earnings at the beginning of 2014 was $140,000 Prepare the stockholders' equity section of the balance sheet for Great Adventures as of December 31, 2014

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Great Adventures Problem 10-1 [The following information applies to the questions displayed below.] Tony and Suzie purchased land costing $500,000 for a new camp in

Great Adventures Problem 10-1

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

Tony and Suzie purchased land costing $500,000 for a new camp in January 2014. 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 another million dollars, 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 two classes of stock authorized: 8%, $10 par preferred, and $1 par value common.

When the company began on July 1, 2012, Tony and Suzie each purchased 10,000 shares of $1 par value common stock at $1 per share. The following transactions affect stockholders' equity during 2014, its third year of operations:

Jul.

Issue an additional 100,000 shares of common stock for $12 per share.

Sep.

Repurchase 10,000 shares of its own common stock (i.e., treasury stock) for $15 per share.

Nov.

Reissue 5,000 shares of treasury stock at $16 per share.

Dec.

Declare a cash dividend on its common stock of $115,000 ($1 per share) to all stockholders of record on December 15. The dividend is payable on December 31.

For Part 1 I got:

Date	General Journal	Debit	Credit
Jul 02	Cash	1,200,000
	Common stock		100,000
	Additional paid-in capital		1,100,000

Sep 10	Treasury stock	150,000
	Cash		150,000

Nov 15	Cash	80,000
	Treasury stock		75,000
	Additional paid-in capital		5,000

Dec 01	Dividends	115,000
	Dividends payable		115,000

Dec 31	Dividends payable	115,000
	Cash		115,000

Im struggling with part 2:

Great Adventures Problem 10-1 Part 2

2.	Great Adventures has net income of $150,000 in 2014. Retained earnings at the beginning of 2014 was $140,000. Prepare the stockholders' equity section of the balance sheet for Great Adventures as of December 31, 2014.