Required information The following information applies to the questions displayed below! Tony and Suzie 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, 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 2021, Tony and Sutie organize their new company as a corporation, Great Adventures inc. The articles of Incorporation state that the corporation will sell 30.000 shares of common stock for $1 each Each share of stock represents a unit of ownership Tony and Suzie wil act as co-presidents of the company. The following transactions occur from July 1 through December 31 Jul. Se11 $15,000 of common stock to Sunie. Jal. Sel 515,000 of common stock to Tony. Jol 1 Purchase one-year france policy for $),600 5300 per month) to cover injuries to participants during outdoor clinics. - Pay legal fons of $1,100 associated with incorporation. Jul. Purchase office supple of $1,000 on seot. Jul. 7 Pay for advertising of $200 to a local newspaper for an upcoming mountain biking eliste to be held on July 1s. Attendees vill be charged 360 on the day of the clinic. Jl. Parehase 10 min Dites paying $16,700 cash. Jul. 15 on the day of the clinic, Great Adventures receive cash of 53,600 from 60 bikers. Tony conduct the montain Discing elinie. Jul. 22 Because of the success of the first mountain biking clinio, Tony holds another mountain biking clinic and the company receives 54.100. Jul. 24 ray 1780 to a local radio station for advertising to appear trediately. A kayaking cline will be held on August 10, and attendees can pay $190 in advance or $100 on the day of the clinie. Jol 30 Great Adventures receives cast of $7.000 in advance from co kayakere for the upcoming kayak elinie Avg. 1 Great Adventures obtain a $40.000 low-interest loss for the company from the city council, which has recently passed an initiative encouraging business development related to outdoor activities. The loan ta due in three years, and anal interest is due each year on July 31. hug The company purchases kayak pay $16.900 cash Aug. 10 Twenty additional kayaker pay $9.00 (5130ach). nadation to the $7,800 that was peld in advance on July 20. on the day of the linie. Tony conducta the first day olinde. Aug. 17 Tony conducte a cond kayak oliai, the company receives $12,200 cash. Aug 31 otticelles of $1.000 perched on July are paid in full. 1 To provide better storage of mountain bikes and kayake when not in use, the company reats a storage shed for or year, paying $2,0 ($200 per month) is advance. sep. 21 Tany conducte rockealabing line. The company receives $13,300 cash. Oct. 17 Tony conduct an orienteering Clinto. Portselpants practice how to understand topographical nap, ... heters we a compass, and otient through beavily wooded areas. The company receives Dec. Tony decides to hold the company at aventure races December 15. Your person will race to checkpointing a combination of mountain biking, kayaking, orienteering trail EURS. And rocking skills. The first test each category to complete all checkpoints in Wine the entry fee for each team is 5600. Dec 5 to help organize and promote the race, Tony hire his collepe roomate, Vietor. Vietor will be paid 570 salary for each toan that competes in the race. Ble salary will be paid after the race. The company $1,700 to purchase prit from state park where the race will be held. The Dee. 1) The company purchases racing supplies for $2.000 on account due to days. Supplies include trophies for the top-tial teana la dach category, promotional shirts, snack foods to drinks for Dee is the company receives 124,000 cash trea total of forty teams, and the race is held. Dec. 16 The company De Victoria Salary of $2.400. Dec 31 The company y dividend of 54,700 (12,350 to Tony and $2,250 to Sate). Dec. 31 Oking his personal money, Tony purchases diamond time for 54,000. Tony surprises Susie by proposing that they get married. fuste scepts and they get married The following information relates to year-end adjusting entries as of December 31, 2021 a. Depreciation of the mountain bikes purchased on July B and kayaks purchased on August 4 totals $8,100, b. Six months of the one year Insurance policy purchased on July 1 has expired. c. Four months of the one year rental agreement purchased on September 1 has expired. d. Of the S1000 of office supplies purchased on July 4 $200 remains e Interest expense on the $48.000 loan obtained from the city council on August I should be recorded. t Of the $2.800 of racing supplies purchased on December 12. $210 remains 9. Suzie calculates that the company owes $13.800 in income tas order Dee.