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, 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 Is an additional 122,000 shares of common stock for $10 per share. November 16 Purchase 12,200 shares of its own common stock (1.0., treasury stock) for $26 per share. November 24 Resell 6.200 shares of treasury stock at $27 per share. Declare a cash dividend on its common stock of $14,040 ($0.10 per share) to all stockholders of December 1 record on December 15. December 20 Pay the cash dividend declared on December 1. December: Pay S855.000 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.) Prox 1 2 of 5 !! Next > Required: 1. Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry the first account field.) EEN View transaction list View Journal entry worksheet No Date General Journal Dobit Credit 1 1,220,000 November 05, 2022 Cash Common Stock Additional Paid-In Capital 1,098,000 122,000 2 November 16, 2022 Treasury Stock Cash 317,200 317,200 3 167,400 November 24, 2022 Cash Treasury Stock Additional Paid In Capital 6,200 161,200 4 December 01, 2022 Dividends Dividends Payable 14,040 14,040 5 December 20, 2022 Dividends Payable Cash 14,040 14,040 6 December 31, 2022 Building Cash 855,000 855,000 Great Adventures Problem AP10-1 Part 2 2. Great Adventures has net income of $39,582 In 2022. Retained earnings at the beginning of 2022 was $34,550. Prepare the stockholders' equity section of the balance sheet for Great Adventures as of December 31, 2022. (Amounts to be deducted should be Indicated with a minus slgn.) GREAT ADVENTURES, INC Balance Sheet (Stockholders' Equity Section) December 31, 2022 Stockholders equity Common Stock $ Additional Paid In Capital 1.098,000 1.104 2001 2,202.200 Total paid in capital Retained Earnings Treasury Stock 3,010,000 Total stockholders' equity $ 5.213.000
