Required information [The foliowing information applies to the questions displaycd below] Tony and Surie graduste from college in May 2024 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they'll hold their first adventure races. These races will involve four-person teams that race from one checkpoint to the next using a combination of kayaking. mountain biking, orienteering, and trall running. In the long run, they plan to sell outdoor gear and develop a ropes course for outdoor enthusiasts. 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 27,000 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. Ju2y 1 uly 1 uly 1 July z July 4 saly 7 suly 1 Joly 15 Ja1y 22 Jw 1y24 3aly 36 Sel1 $13,500 of conmog atock to furzie. seli \$11,500 of connon stock to Fony. Purchase a obe-year insurasce poliey for $4,200 ( 5350 per ngath) to cover injurita to participast = during outdoor el Inich Pay legal fees of $2,000 associated with incorporation. Porehsse of fice nupplies of $1,100 on account. Pay $370 co a local newnpaper for advertising to appear inacdiately for an upeoming modntain biking olinie to be held of July 25 . Attendees will be charged 550 the day, of the elinte. Parchase 10 pouttaln bikes, paying 518,860 cash. on the dwy of the elinie, Great Adventures receives wash of $2,500 ith total from 50 bikerk, Tony and suzie conducti the mountain biking elinie, Because of the saccess of the firtt movntain biking elinie. Toay and stazie holds abother mountain biking elinic and the conpany receivea 53,050 . Pay $320 to a local radio atation for advertioing to oppear imaediately. A kayaking olinic vill be held on Nagatet 10 , and attendeen can pay $140 in advance or $190 on the day of the elinic. Great Adventaren receivel toeal calh of $5,400 in advance from 60 kayakers for the vpooming kayak elinjea Tha following transactiens occur over the feitalinder of 2024 , hugust 1 Creat Adventares obtafta a $44,090 low-interent toan for eho coopany f coen the ciey coandeil, Which has recently. passed an initiative encouragisg business develophent felated to outdoor attivities. The loan is due in three yeara, and 61 annaal intereat in due each year on July 31. August 4 The coepany parchases 14 kayaks, paying 516,200 cash. Tony and suzie conduct the firat kayak elinio. In addition to the st, 400 that vas received in advance trom kayakera os Jaly 30 , the coepany receives additional cash of 53 , 800 froe twenty fon kayakers on the day of the clinic. August 17 August 10 Tony and sqzie condvot the first kayak clinie. In addition to the $8,400 that was received in advance from kayakers on July 30, the company receives additional cash of $3,800 fron twenty nes kayakers on the day of the elinie. hagust 17 Tony and suzie conducta a second kayak elinio, and the conpany receives 510,600 cash. hugust 24 oftice supplies of $1,100 parchased on July 4 are paid in full. September 1 To provide better storage of nountaia bikes and kayaks when not in use, the conpany rents a storspe shed for one year, paying $3,960 (\$330 per month) in advance. septenber 21 Tony and suzie coeduct a roek-elimbing edinie, The cospany receives $14,600 cash. Oetober 17 Tony and suzie coeduct an orlenteering olinic. Participants practice hou to underatand a topographical nop, read an altimeter, use a coepass, and orient through heavily wooded areas, The eospany receives $18,800 cash. December.1 Fony and surie decide to hold the coepany'n first adventure race on Decesber 15 . Four-pernon teans will race fron checkpoint to checkpoint using a comblnation of eountain biking, kayaking, orienteering, trall running, and roek-elinbing akills. The firat team in each eategory to conplete all checkpoints in order vint, the entry fee for each tean is $6 fo. Decenber 5 To help organfze and promote the race, Tony hires bis college roontate, victor. victor will be paid 550 in salary for each tean that conpetes in the race. His salary widl be paid after the race, Deceeber 8 The conpany pays 51,700 to parohase a pernit from a state park where the race will be held. The amount is recorded an a miscellaneous expense. trophies for the top-finishing teans in each category, prosotional shirtis, saack foods and drinks for participants, and field markera to prepare the racecourse. December 15 The company receives $27,200 eash from a tatal of forty teaes, and the race la held. Decenber 16 The company pays Victor"s salary of $2,000. December 31 The company paym a dividend of $3,200($1,600 te Fony and $1,600 te $4zie). December 31 Using his personal noney, Tony purchases a dianond ring for 54,500, Rony aurprises suxfe by proposing that they get married. Susie accepts and they get narried! The following information relates to year-end adjusting entries as of December 31, 2024. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchesed on August 4 totals $7,600. b. Six months' of the one-year insurance policy purchased on July 1 has explred. c. Four months of the one-year rental agreement purchased on September 1 has expired. d. Of the $1,100 of office supplies purchased on July 4,$260 remains. e. Interest expense on the $44,000 loan obtained from the city council on August 1 should be recorded. f, Of the $2,800 of racing supplies purchased on December 12,$220 remains. 9. Suzie calculates that the company owes $13,700 in income taxes. 8. Prepare a post-closing trial balance as of December 31,2024 8. Prepare a post-closing trial balance as of December 31, 2024 1. Required information