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. Date Credit No | 1 Debit 1,080,000 Nov 05 General Journal Cash Additional Paid-in Capital Common Stock 972,000 108,000 Nov 16 205,200 Treasury Stock Cash 205,200 Nov 24 96,000 Cash Treasury Stock Additional Paid-in Capital 91,200 4,800 Dec 01 12,200 Dividends Dividends Payable 12,200 Dec 20 Dividends Payable 12,200 Cash 12,200 6 Dec 30 Buildings 820,000 Cash 820,000 Dec 31 12,200 Retained Earnings Dividends 12,200 Journal entry worksheet Prepare the closing entry for the revenue accounts. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit Prepare the closing entry for the expense and loss accounts. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31