Great Adventures Problem 3-1 The following information applies to the questions displayed below On July 1, 2018, Tony and Suzie organize as a their new company as a corporation, Great Adventures Inc. The following transactions occur from ation state that the corporation will sell 31,000 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 ectivities occur during July for Great Adventures Jul. 1 Sell $15,500 of common stock to Suzie. Jul. 1 Sell $15,500 of common stock to Tony Jul. 1 Jul. 2 Pay legal fees of $1,500 Jul. 4 Purchase office supplies of $1,600 on account Jul. 7 Pay for advertising of $270 to a local newspaper for an upcoming a one-year insurance policy for $4,320 ($360 per month) to cover injuries to particlpants during outdoor clinics nountain biking clinic to be heid on July 15. Attendees will be charged $50 the day of the clinic mountain bikes, paying $11,100 cash Jul. 8 Jul. 15 On the day of the clinic, Great Adventures Jul. 22 Jul 24 Pay for receives cash of $2.500 from 50 bikers. Tony conducts the mountain biking clinic. of the biking clinic, Tony holds another mountain biking clinic and the company receives $3,050 of $810 to a local radio station for a kayaking clinic to be held on August 10 receives cash of $5,500 in es can pay $110 in advance or $160 on the day of the clinic from 50 kayakers for the upcoming kayak cinic loan for the company from the city council, which has recently Jul. 30 Great obtains a $38,000 low-interest passed an initiative encouraging business development related to outdoo ctves. The loan is due in three years, and 6% annual interest is due each year on July 31. Aug. 4 The company purchases 14 kayaks, paying $14,400 cash 10 Twenty addional kayakers pay $3,200 $160 each), in edition to the $5,500 that was paid in advance on July 30, on the day of the cinic. Tony conducts the first kaynk clinic. Aug. 17 Tony conducts a second kayak clinic, and the company receives $11,600 cash on July 4 are paid in full bikes and kayaks when not in use, the company rents a storage shed, purchasing a one-year rental policy for $4,320($360 per month) Sep. 1 To provide better storage of Sep. 21 Tony Oct. 17 Tomy company receives $19,200 cash. Dec. 1 Tony decides to hoid the company's first adventure race on December 15. Four-person teams ill race from checkpoint to checkpoint using a combination of mountain biking, kayaking. a rock-climbing clinic. The company $14,400 cash dinic. Participants practice how to understand a topographical map, read an altimeter, use a compass, and orient through heavily wooded areas. The 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 $520.Dec. 5 To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be peid $60 in salary for each team that competes in the race. His salary will be paid after the pays $1,900 to purchase a permit from a state park where the race will be held. The amount is recorded as a on account due in 30 days. Supplies i race Dec. 8 The expense.Dec. 12 The company racing supplies for $2,100 trophies for the top-finishing teams in each category, promotional shirts, snack foods and drinks for participents, and field markers to prepare the Dec. 15 The company $20,800 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 $4,400 ($2,200 to Tony and $2,200 to Suzie) Dec 31 Using his personal money, Tony a diamond ring for $3,500. Tony surprises Suzie by proposing that they get married. Suzie accepts and they get married