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. Nuquat 24 Office aupplies of $2,000 purchased on July 4 are paid in full. Soptenber. 1 To provide better storage of mountain biken and kayakil when not in use, the conpany renta a storage shed getober 17 Tony and surie conduct an rock-citibing elinio. The coepany receives $14,800 cash. radd an atthetet, use a coepant, and orient through heavily wooded areas. The ooepany receives $18,800 Decenber 1 Tony and sazie deoide to hold the coepany's firat adventure race on becenber 15 . Four-person teame will. race froa checkpoint to checkpoint uaing a coebination of mountain biking, kayaking, oritenteering, trail. tunning, and rock-oliabing akills. The flrst tean in each category to coeplete all obeekpointa in order wins. The entry tee for each tean is $540. Decenber 5 To help organize and pronote the race, Tony hiten his college roonate, vietor, Victor vill be paid \$40 fa Decenber the company pay tean that competes in the race. Itia salary vill be paid after the race, the company pays $1,600 to porchase a perait from a state park where the race vil1 be held. Fhe anount is Decenbes 12 the coepany purchases racing supplites for $2,200 on account due in 30 days. Supplies include trophies for the top-tinithing teans in each category, promotional alalrts, nnaek foods and drinks for participants, and field narkers to prepare the racecourse. Decenber 15 The conpany receives 521,600 casb froe a total of forty teans, and the race is held. Decenber 16 The company pays vietor's nalary of 51,600 . Decenber 31 the coepany pays a dividend of $3,900($1,950 to tony and 51,550 to 5 uzie ). Decenber 31 Using his personal noney, fony purehases a diamond ring for 54,300 . Jony aurprises surie by proposing that they get narried. Suafe accepts and they get marrledt The following information relates to year end adjusting entries as of December 31, 2024. a. Depreciation of the mountoin bikes purchased on July 8 and kayaks purchased on August 4 totols $5,980. b. Six months' of the one-year insurance policy purchased on July 1 has expired. c. Four months of the one-year rental agreement purchased on September 1 has expired. d. Of the $2,000 of office supplies purchased on July 4,$300 remains. e. Interest expense on the $46,000 loan obtained from the city counci on August 1 should be recorded. f. Of the $2,200 of racing supplies purchased on December 12,$290 remains. 9. Suzie calculates that the company owes 513,300 in income toxes; 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 to 27). Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 28 to 34). 3. Review the adjusted 'Trial Balance' as of December 31 y 2024 . 4. Prepare an income statement for the period ended Decamber 31, 2024, in the 'tncome Statement' tab. 5. Prepare a statement of stockholder's equity for the period ended December 31, 2024, in the 'Statement of Stockholder's Equity'tab. 6. Prepare a classifled balance sheet as of December 31, 2024 in the 'Balance Sheet' tab. 7. Record the closing entries in the 'General Journal' tab' (these are shown as items 35 to 37)