Required Information Great Adventures Problem AP10-1 The following information applies to the questions displayed below) Tony and Suzie have purchased land for a new camp. Now they need money to build the cabins, clining 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 militon, but unfortunately the bank tumed them down as too nisky. 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 102,000 shares of common stock for $10 per share. November 16 Purchase 10,200 shares of its own common stock (e., treasury stock) for 516 per share. November 24 Resell 4,200 shares of treasury stock at $17 per share. December 1 Declare a cash dividend on its common stock of $11,600 (50.10 per share) to all stockholders of record on December 15 December 20 Pay the cash dividend declared on December 1. December 31 Pay $105,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the buildings account Great Adventures Problem AP10-1 Part 1 Required: 1. Record each of these transactions. If no entry is required for a particular transaction /event, select "No Journal Entry Required in the first account field.) View transaction list 1 Record the issue of additional 102,000 shares of common stock for $10 per share. 20 2 Record the purchase of 10,200 shares of its own common stock (i.e., treasury stock) for $16 per share. 3 Record the resale of 4,200 shares of treasury stock at $17 per share. 4 Record the declaration of $11,640 ($0.10 per share) cash dividend on its common stock to all stockholders of record on December 15. 5 Record the payment of cash dividend declared on Dec. 1. 6 Record the payment of $805,000 for construction of new View transaction list X SLULK IUI 10 per Side. 2 Record the purchase of 10,200 shares of its own common stock (i.e., treasury stock) for $16 per share. 3 Record the resale of 4,200 shares of treasury stock at $17 per share. 4 Record the declaration of $11,640 ($0.10 per share) cash dividend on its common stock to all stockholders of record on December 15. TH 5 Record the payment of cash dividend declared on Dec. 1. 6 Record the payment of $805,000 for construction of new cabins and other facilities. Note : journal entry has been entered Record entry Clear entry V
