On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. The following transactions occur from August 1 through December 31. Also, the balances are provided for the month ended July 3 The articles of incorporation state that the corporation will sell 33,000 shares of common stock for $ each. Each share of stock represents a unit of ownership. Tony and Suzie will act a co-presidents of the company. The following business activities occur during July for Great Adventures. Jul. 1 Sell $16,500 of common stock to Suzie. Jul. 1 Sell $16,500 of common stock to Tony. Jul. 1 Purchase a one-year insurance policy for $4200 ($350 per month) to cover injuries to participants during outdoor clinics. Jul. 2 Pay legal fees of $1700 associated with incorporation. Jul. 4 Purchase office supplies of $1,800 on account. Jul. 7 Pay for advertising of $200 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $60 the day of the clinic. Jul. 8 Purchase 10 mountain bikes, paying $18400 cash. Jul. 15 On the day of the clinic, Great Adventures receives cash of $4,200 from 70 bikers. Tony conducts the mountain biking clinic. Jul. 22 Because of the success of the first mountain biking clinic, Tony holds another mountain biking clinic and the company receives $4,550. Jul. 24 Pay for advertising of $760 to a local radio station for a kayaking clinic to be on 10. Attendees can pay $10 in advance or $160 on the day of the clinic. held August Jul. 30 Great Adventures receives cash of $8,800 in advance from 80 kayakers for the upcoming kayak clinic. Aug. 1 Great Adventures obtains a $32,000 low-interest loan for the company from the city council, which has recently passed an initiative encouraging business development related to outdoor activities. 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 $18,000 cash. Aug. 10 Twenty additional kayakers pay $3200 ($160 each, in addition to the $8,800 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic. Aug. 17 Tony conducts a second kayak clinic, and the company receives $11,800 cash. Aug. 24 Office supplies of $1,800 purchased on aly 4 are paid in ful Sep. 1 To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed, purchasing a oneyear rental policy for $4,800 ($400 per month) Sep. 21 Tony conducts a rock-climbing clinic. The company receives $14400 cash. Oct17 Tony conducts an orienteering clinic. Participants practice how to understand a topographical map, read an altimeteruse a compass, and orient through heavily wooded areas. The company receives $19,000 cash. Dec. 1 Tony decides to hold the company's first adventure race on December 15. Fourperson teams will race from checkpoint to checkpoint using a combination of mountain biking, kayaking, orienteering, 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 $590.Dec5 To hel organize and promote the race, Tony hires his college roommate, VictorVictor will be paid $50 in salary for each team that competes in the race. His salary will be paid after the race.D D 8 The company pays $1300 to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expenseDec. 12. The company purchases racing supplies for $2,600 on account due in 30 days. Supplies include trophies for the top-finishing teams in each category, promotional shirts, snack foods and drinks for participants, and field markers to prepare the racecourse.Dec. 15 The company receives $23,600 cash from a total of forty teams, and the race is held.Dec. 16 The company pays Victor's salary of $2,000 Dec. 31 The company pays a dividend of $4,700 ($2350 to Tony and $2350 to Suzie) Dec. 31 using his personal moneyTony purchases a diamond ring for $5,300. Tony surprises Suzie by proposing that they get married. Suzie accepts and they get married! The following information relates to yearend adjusting entries as of December 31, 2018. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $8200