Great Adventures Problem 3-1 The articles of incorporation state that the corporation will sell 35,000 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 Jul. 1 Sell $17,500 off common stock to Suzie Jul. 1 Sell $17.500 of common stock to Tony Jul 1 Jul 2 Pay legal fees of $1600 associated with incorporation Jul 4 P Jul. 7 Pay for Jul. 8 Purchase 10 mountain bikes, paying $18,000 cash. Jul. 15 On the day of the clinic, Great Jul. 22 B ut 24 Pay for advertising of S780 to local rad? Staton for a keyaking cine to be held on August 10 Attendees cen pay S130 in advance or $180 on the day of the dnic. Jul. 30 Great a one-year insurance policy for $3,960 ($330 per month) to cover es to perticipents e office supplies of $1,500 on account of $320 to a local newspeper for an upcoming mountain biking clinic to be will be charged $60 the day of the clinic s receives cash of $3.000 from 50 bikers Tony conducts the mountan bking clinic biking clinic, Tony holds another mounten biking cinic and the c loan for the comparny from the city council, which hes recently pessed an initiative encoureging business development related to outdoor ectivites The loan is due in three years and 6% annual interest is due each year on July 31 Aug. 4 The company Aug. 10 Twenty a Aug 17 Tony conducts a second kayak clinic, and the compeny receives $11,800 cash Aug 24 Office supplies of $1,500 purchased on July 4 are paid in full. Sep. 1 To Sep 21 Tony conducts a Oct 17 Tony conducts an orienteering clinic. Participants practice how to 14 kayaks, paying $18,700 cash pay $3,600 ($180 each), in eddition to the $10,400 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic bing clinic. The company receives $14,200 cash 811 PM 6/25/2018