Required information

[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		Issue an additional 136,000 shares of common stock for $10 per share.
November	16		Purchase 13,600 shares of its own common stock (i.e., treasury stock) for $33 per share.
November	24		Resell 7,600 shares of treasury stock at $34 per share.
December	1		Declare a cash dividend on its common stock of $15,720 ($0.10 per share) to all stockholders of record on December 15.
December	20		Pay the cash dividend declared on December 1.
December	31		Pay $890,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account.

Required information

[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		Issue an additional 136,000 shares of common stock for $10 per share.
November	16		Purchase 13,600 shares of its own common stock (i.e., treasury stock) for $33 per share.
November	24		Resell 7,600 shares of treasury stock at $34 per share.
December	1		Declare a cash dividend on its common stock of $15,720 ($0.10 per share) to all stockholders of record on December 15.
December	20		Pay the cash dividend declared on December 1.
December	31		Pay $890,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account.

2. Great Adventures has net income of $41,966 in 2022. Retained earnings at the beginning of 2022 was $35,250. 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 sign.)

Journal entry worksheet 2 3 4 5 6 Record the issue of additional 136,000 shares of common stock for $10 per share. Note: Enter debits before credits. Date General Journal Debit Credit November 05, 2022 View general journal Record entry Clear entry Journal entry worksheet 3 4 5 6 Record the purchase of 13,600 shares of its own common stock (i.e., treasury stock) for $33 per share. Note: Enter debits before credits. Date General Journal Debit Credit November 16, 2022 Record entry View general journal Clear entry Journal entry worksheet 2 6 4 Record the resale of 7,600 shares of treasury stock at $34 per share. Note: Enter debits before credits. Date General Journal Debit Credit November 24, 2022 Record entry Clear entry View general journal Journal entry worksheet 6. 3 4 Record the declaration of $15,720 ($0.10 per share) cash dividend on its common stock to all stockholders of record on December 15. Note: Enter debits before credits. Date General Journal Debit Credit December 01, 2022 Record entry Clear entry View general journal Journal entry worksheet 1 2 4 Record the payment of cash dividend declared on Dec. 1. Note: Enter debits before credits. Date General Journal Debit Credit December 20, 2022 Record entry View general journal Clear entry LO 3. Journal entry worksheet 4 Record the payment of $890,000 for construction of new cabins and other facilities. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2022 Record entry View general journal Clear entry GREAT ADVENTURES, INC. Balance Sheet (Stockholders' Equity Section) December 31, 2022 Stockholders' equity: Total paid-in capital Total stockholders' equity %24