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Choose the appropriate accounts to be reported on the income statement. Select 'Adjusted' from the dropdown, which will then populate the balances in those accounts from the trial balance. GL 2-16 (Static) Great Adventures Continuing Problem (LO2-3, 2-4, 2-5, 2-6, 2-7,2-8) Tony and Suzie graduate from college in May 2024 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing o customer bose, they'll hold their first adventure races. These races will involve four-person teams that roce from one checkpoint to the next using a combination of kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes course for outdoor enthusiasts. On July 1, 2024, Tony and Suzie organize their new company as a corporation, Great Adventures incorporated The articles of incorporation state that the corporation will sell 32,000 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. Naguet 17 Tony and sazie condset a second kayak elinic, and the conpany recelves $10,500 oash. Nagust 24 office supplien of 51,800 purchased on , Taly i ste paid in full. Septeaber 1 To provide better storage of nountain biken asd kayaks when not in use, the oonpany rente a storage sbed for one year, paying $2,400 (\$2.200 per montb) in advasce. Septeaber 21 Jocy and buzle condoet a rook-elimbing elinie. The coepany receives $13,200 cash. October 17 Tony and suzin conduct an orienteering elinie. partielpants practice hove to underatand a topographical map. read an altimetor, gee a cotpase, and orient through heavily vooded areas. The conpany recetvol 517,900 -caph + Decunber 1 Tony and suzie decide to hold the ocmpany's firat adventare race on tecenber 15. rour-peraon. teane uili. race fron checkpoint to cheekpoint uning a copbination of noantain biking, kayaking, orienteering, trail raniing, and rock-climbing skilla. The firat tean in each category to eoeplete all checkpoints in order wints. The eatry fee for each teain in 5500 . Deceaber 5 To beip erganize and promote the race, Fony hiren his oollege rocenate, Victor, Vietor will te paid 050 in Decenher A. Hary for ench tean that eonpetes in the race. Hin alary will be paid after the race. The conpany purchasen recing bupplies for $2,500 on aceont due in 30 days, supplies leclude trophies for the top-finiehing teans in each eategory, pronotional abirts, snack focdn asd drinks for partielpants, and field markera to prepare the racecourse. Deceeber 15 The oospany receives $20,600 eash from a total of forty teats, and the race in held. Decenber 16 the eompany pbye Viator's salary of $2,000. December 31 The company payn a dividend of 54,000,152,000 to Tony and $2,000 to . 5uzie). December 11 vainy bis persobal nocey, Tony purebases a dianond ring for \$4, 500, Fosy surprines sazie by proposing that they get narried. sutie accepts and they get natrledi The following information relates to year-end adjusting entries as of December 31,2024 . a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8,000. b. Six months' of the one-year insurance policy purchased on July 1 has explied. c. Four months of the one-year rental agreement purchased on Septembet 1 has expired. d. Of the $1,800 of office supplies purchased on July 4,$300 remains. 2. Interest expense on the $30.000 loan obtained from the city council on August 1 should be recorded. f. Of the 52,800 of racing supplies purchased on December 12.$200 remains. 9. Suzie calculates that the company owes 514,000 in income taxes