Great Adventures Problem AP10-1 (GL) Tony and Suzie have purchased land for a new camp. 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 an additional $1 million, 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 authorized $1 par value common stock. When the company began on July 1, 2021, Tony and Suzie each purchased 10,000 shares (20,000 shares total) of $1 par value common stock at $1 per share. The following transactions affect stockholders' equity during the remainder of 2022: November 5 Issue an additional 108,000 shares of common stock for $10 per share. November16 Purchase 10,800 shares of its own common stock (i.e., treasury stock) for $19 per share. November24 Resell 4,800 shares of treasury stock at $20 per share. December 1 Declare a cash dividend on its common stock of $12,200 ($0.10 per share) to all stockholders of record on December 15. December20 Pay the cash dividend declared on December 1. December31 Pay $820,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account. Credit No 1 Date Nov 05 Debit 1,080,000 General Journal Cash Additional Paid-in Capital Common Stock 972,000 108,000 Nov 16 205,200 Treasury Stock Cash 205,200 Nov 24 Cash 96,000 Treasury Stock Additional Paid-in Capital 91,200 4,800 Dec 01 12,200 Dividends Dividends Payable 12,200 Dec 20 12,200 Dividends Payable Cash 12,200 Dec 30 820,000 Buildings Cash 820,000 Dec 31 12,200 Retained Earnings Dividends 12,200 Post-closing - Dates: Nov 05 to: Dec 31 - GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 $ 0 0 Net Sales 0 Gross Profit Operating Expense $ Total Operating Expenses Operating Income (Loss) ooool Post-closing Dates: Nov 05 to: Dec 31 GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets: Current Liabilities: $ 0 0 OOOOO 0 0 Total Current Liabilities o 0 Total Liabilities Total Current Assets Long-term Assets: Stockholders' Equity 0 0 Total Stockholders' Equity Total Liabilities and Stockholders' Equity Total assets