Required information [The following information applies to the questions displayed below.] Tony and Sutie graduate from college in May 2021 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, theyll hold their first adventure races. These races wil involve four-person teams that race from one checkpoint to the next using a combination of kayoking. mountain biking. orienteening. and trail running. In the long run. they plan to sell outdoor gear and develop a ropes course for outdoor enthusiasts. On July 1, 2021, Tony and Suzie organize their new company as a corperation, Great Adventures inc. The articles of incorporation state that the coeporation will sell 20.000 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 transactions occur from July 1 through December 31 Zul. I fied 110,000 of copon atoek to dvnie. during eutdeac elisies. 3ut. 2 Pay legal fees ot 11,500 aspedated with inoorporatibe. Jal. i hurehase office cupplise of $1,600 on meceunt. July is, Mtteadeen wi11 be elarged 550 on the qay of tha eliale. Sul. 8. Furchase 10 moantain bikes, paying $12,000 eash. Jul. 15 On the day of the elinie, Great Adventares recelves eaph of $2,000 troa 40 bikeya. Tooy condueta the moubtain bikind edinie. 3ul.22 becose of the nuecess of the firet sowntain biking elinie, Thay holde anothne muuntais bikibg elisie and the coppeny recetven 53,300 . held on Apgust 10 , and attendees cas pay $160 in advance or $150 on the day of the alislo. 3ul. 30 Great ddventures receives eash of $4,000 in advanoe frem 40 kayakers for the upooaiag kayak olinie. aug. 1 Great Adventures obtains a $30,000 los-iaterest lean for the coepany from the oity eocosil, vhich has recently passed an initiative eneouraging bueiness developeent related to oatdoor antivitimt, she Loas is doe in three years, and 6t asnual intereat in die each year on July 31. Aug. 4 The corpeny purohsee 14 kayaks, paying $20, cst eash. Aug. 10 Tventy additional kayakera pay $3,000 (\$150 esch). In addition to the 14,00e that vas paili in sdvance on July 70 , on the day of the elinie. Fooy cosdact the tirat kayak elinte. hug. It mosy eonducti a second kayak elinite, and the eonpany recelives $20,500 eash. and the echpsin recoiven 13,300 . bhed for one year. paying 12,400 itzob jec momthi in ailyatica. sin7,960cosh for the top-fieiahing teana in edeh eategory, promot lonal ehirtar itack focda and. itrinka for part le ipanta, and fieli parkera te prapare the rasecourias : that they get married, Satie aecapti and they get parriadi The folawing infarmation relates to yeaf-end adjusting entries as of December 31,2021. 7. Depreciation of the mounyain bikes purehased on duily 8 and kayaks purchased on August 4 totais 58,000. b. Six months' of the one-year instarance policy purchascd on July 1 has expired. c. Fout months of the ano-year rontal agreement putchased on 5 eptomaer 1 has expired. d. St the $1.890 of aftice supplos purchased on duly 4.5300 remains. e. Inferest empense on the $30,000 ladn obtalned frem the city counci on August 1 should be recoided. participants, and tield markers to prepare the racecourtie. Dec. 15 the company receives $20,000 cash from a total of forty teans, and the race la heid. Dee. 16 The company paye vietor's nalary of $2,000. Dee. 31 The company payz a dividend of $4,000($2,000 to Tony and $2,000 to 54zie). Dec. 31 Using hin peraonal money. Tony purchases a diamond ring for 54,500 . Tony thurprisen suzie by proposing. that they get married. suzie aceepte and they get marriedl The following information relates to year-end adjusting entries as of December 31,2021. a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totais $8.000. b. Six months" of the one-year insurance policy purchased on Jyly 1 has expired. c. Four months of the one-year rental agreement purchased oriseptember 1 has expired. d. Of the $1,800 of office supplies purchased on July 4,$300 remains. e. Interest expense on the $30,000 loan obtained from the city council on August 1 should be recorded. 1. Of the $2,800 of racing supplies purchased on December 12, $200 remains. 9. Suzie calculates that the company owes $14,000 in income taxes. 4. Prepare an adjusted trial balance as of December 31,2021. iture Project (i) (1) Required information Prev iae tharinn Required information