Required information [The following information applies to the questions displayed below] Tony and Suzie graduate 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 trail 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 Suzle organize their new company as a corporation, Great Adventures Incorporated The articles of incorporation state that the corporation will sell 31,000 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. Juty 1 Sell $15,5 ea of comen stock to Suzie. July 1 Sell $15,500 of conmon stock to Tony. July 1 Purchase a one-year insurance policy for $5,$50 ( $430 per nonth) to cover injuries to July 2 participants during outdoor clinics. Juty 2 Pay legat fees of \$1,8ee associated with incorporation. Juty 7 Purchase office supplies of $1,100 on account. pay $210 to a local newspaper for advertising to appear imnediately for an upconing nountain biking clinic to be hetd on July 15 . Attendees will be charged $60 the day of the clinic. Juty 8 July 15 July 22 July 24 July 30 The following August 1 Purchase 10 mountain bikes, paying $11,480 cash. On the day of the clinic, Great Adventures receives cash of 54,200 in totat from 70 bikers. Tony and Suzie conducts the nountain biking clinic. Because of the success of the first mountain biking clinic, Tony and Suzie holds another mountain biking clinic and the company receives $4,700. Pay $620 to a local radio station for advertising to appear imnediately. A kayaking clinic will be held on August 10, and attendees can pay $100 in advance or $150 on the day of the clinic. Great Adventures receives total cash of $4,000 in advance from 40 kayakers for the upcoming kayak clinic. Great Adventions occur over the remainder of 2024. Great Adventures obtains a $44,000 low-interest loan for the company from the city council, activities. Tecently passed an initiative encouraging business developnent related to outdoor activities. The loan is due in three years, and 6v annual interest is due each year on July 31 . July 30 be held on August 10, and attendees can pay $100 in advance or $150 on the day of the clinic. Great Adventures receives total cash of 54, ees in advance froe 40 kayakers for the upcosing Kayak elinie. The following transactions occur over the reasinder of 2024. August 1 Great Adventures obtains a $44, eog low-interest loan for the conpany fron the city council, Which has recently passed an initiative encouraging business developtent related to outdosi activities. The loan, is due in three years, and 6N annusl interest is due each year en July 31. August 4 The conpany purchases 14 kayaks, paying 519,200 cash. August 10 Jony and Surie conduct the first kayak clinic. In addition to the $4, aed that was received in advance fron kayakers on July 3a, the company receives additional cash of 53 , eee trom twenty nec kayakers on the day of the cltaic. August 17 Tony and Suzie conducts a second kayak elinic, and the coepany. receives $12,000 cash. August 24 Office supplies of 51,100 purchased on july 4 are paid in futh. Septenber 1 . To provide better storage of nountain bikes and kayaks when not in use, the conpany rents a storage shed for one year, paying $3,560 ( $330 per nonth) in advance. Septenber 21 Tony and suzie conduct a rock-cliebing clinic. The conpany receives $13,580 cash. october 17 Tony and Suzie conduct an orienteefing clinic. Participants practice hos to understand a topographical ap. read an altineter, use a cospass, and orient threugh heawily wooded areas. The conpany recetwes \$1, 60 a cash. Decenber 1 Tony and suzie decide to hold the conpany's first adventure race on Decenber is, Fouf-person teass will race fros checkpoint to checkpoint using a coebination of maintain biking. kayaking. orienteering, trail runsing, and rock-climbing skills. The first tean in each category to coeptete all'chochpoints in order wins. The entry fee for each tean is \$540. Decenber 5 To help organize and presote, the race, Tony hires his college roosate, Victor. Victor witu be paid 560 in salary for each tean that coepetes in the race, Mis salary' witl be paid after the race. Decenber a The coepany pays \$1, seo ta purchase a perait from a state park where the race will be held, The aeount is recorded as a miscollanesus expense. Deceeber 12 The coepany purchases racing suppties for \$2, 3ee on acceant due in 30 days, 5upplies include trophies for the top-finishing teans in each eategory, pronotional shirts, snack toods and drinks for participants, and field carkers to prepare, the racecourse, beceeber is The conpany receives $2i, sea cash fros a total of forty teass, and the race is held. Decenber 16 The conpany pays Victor's salary of $2,40e. becenber 31 The conpany pays a diviend of $4,200 ( 52,100 to Tony and $2,100 to 5uz1e. Decenber 31 Using his personat money. Tony purchases a dianond ring for \$3,6ee. Tony surprises Suzte by proposing that they get married. Suale accepts and they get marriedt The following information relates to year-end adjusting entries as of December 31, 2024. a. Depreciation of the mountain bikes purchased on Juty 8 and kayaks purchased on August 4 totals $7,600 b. Slx months' of the one-year insurance policy purchased on Juby 1 has expired. C. Four months of the one-yoar rental agreoment purchased on September 1 has expired. Required inflormation 04324 \begin{tabular}{|l|l|l|l|} \hline \multicolumn{2}{|c|}{ Prepald Ront } \\ \hline Debinning Badance & & & \multicolumn{1}{|c|}{ Credit } \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & \\ \hline \end{tabular} Required information Check my work (i) Required information \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Depreclation Expense } \\ \hline \multicolumn{2}{|c|}{ Dobit } & & \\ \hline Beginning Balance & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} Required information