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Need help with #'s 7,8, and 9 Great Adventures Problem AP10-1 (GL) Tony and Suzie have purchased land for a new camp. Now they need

Need help with #'s 7,8, and 9

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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 120,000 shares of common stock for $10 per share. November 16 Purchase 12,000 shares of its own common stock (i.e., treasury stock) for $25 per share. November 24 Resell 6,000 shares of treasury stock at $26 per share. December 1 Declare a cash dividend on its common stock of $13,400 ($0.10 per share) to all stockholders of record on December 15. December 20 Pay the cash dividend declared on December 1. December 31 Pay $850,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account. 1 Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 20 points Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) No Date General Journal Debit Credit 1 Nov 05 1,200,000 Cash Common Stock Additional Paid-in Capital OOO 120,000 1,080,000 2 Nov 16 300,000 Treasury Stock Cash 300,000 oo OOO 3 Nov 24 156,000 Cash Additional Paid-in Capital Treasury Stock 6,000 150,000 4 Dec 01 13,400 Dividends Dividends Payable 13,400 un 5 Dec 20 13,400 Dividends Payable Cash 13,400 6 Dec 30 Buildings 850,000 Cash 850,000 7 Dec 31 No Transaction Recorded Journal entry worksheet 1 2 3 4 5 6 7 8 9 Prepare the closing entry for the revenue accounts. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry Clear entry View general journal Journal entry worksheet

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