Sel1 $16,000 of conmon stock to Suzie. Sel1 $16,000 of common stock to Tony. Purchase a one-year insurance policy for $3,600 (\$300 per month) to cover injuries to participants during outdoor clinics. Pay legal fees of $1,900 associated with incorporation. Purchase office supplies of $1,600 on account. Pay $260 to a local newspaper for advertising to appear immediately for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $30 on the day of the elinic. Purchase 10 mountain bikes, paying $15,900 cash. On the day of the elinic, Great Adventures receives cash of $2,400 from 80 bikers. Tony and suzie conducts the mountain biking clinic. Because of the success of the first mountain biking clinic, Tony and suzie holds another mountain biking clinic, and the company receives $3,000. Pay $760 to a local radio station for advertising to appear immediately . A kayaking clinic will be held on August 10 , and attendees can pay $140 in advance or $190 on the day of the clinic. Great Adventures receives cash of $8,400 in advance from 60 kayakers for the upcoming kayak clinic. The following transactions occur over the remainder of 2024 . Great Adventures obtains a $47,000 low-interest loan for the company from the city council, which has recently passed an initiative encouraging business developanent related to outdoor activities. The loan is due in three years, and 68 annual interest is due each year on July 31. The company purchases 14 kayaks, paying $12,100 cash. Tony and suzie conduct the first kayak clinic. In addition to the $8,400 that was received in advance from kayakers on July 30 , the company receives additional cash of $3,800 from 20 new kayakers on the day of the clinic. Tony and Suzie conducts a second kayak elinic, and the company receives $11,900 cash. office supplies of $1,600 purchased on July 4 are paid in full. To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed for one year, paying $3,480 (\$290 per month) in advance. Tony and Suzie conduet a rock-climbing clinic. The company receives $13,400 cash. Tony and Suzie conduct an orienteering clinic. Participants practice how to understand a topographical. map, read an altimeter, use a compass, and orient through heavily wooded areas. The company receives $19,200 cash. Tony and Suzie decide to hold the company's first adventure race on December 15 . Four-person teams will race from checkpoint to checkpoint using a combination of mountain biking, kayaking, orienteering, trail running, and rock-climbing ski11s. The first team in each category to complete all checkpoints in order wins. The entry fee for each team is $570. To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $70 in salary for each team that competes in the race. His salary will be paid after the race. The company pays $1,200 to purchase a permit from a state park where the race will be held. The amount is recorded as a mscellaneous expense. The company purchases racing supplies for $2,200 on account due in 30 days. Supplies include trophes for the top-finishing teams in each category, promotional shirts, snack foods and drinks for participants, and field markers to prepare the racecourse. 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 $3,000. pay $760 to a local radio station for advertising to appear immediately. A kayaking elinic will be held on August 10, and attendees can pay $140 in advance or $190 on the day of the clinic. Great Adventures receives cash of $8,400 in advance from 60 kayakers for the upcoming kayak elinic. The following transactions oceur over the remainder of 2024 . Great Adventures obtains a $47,000 low-interest loan for the company from the city council, which has recently passed an initiative encouraging business development related to outdoor activities. The loan in due in three years, and 68 annual interest is due each year on July 31. The company purchases 14 kayaks, paying $12,100 cash. Tony and Suzie conduct the first kayak elinic. In addition to the $8,400 that was received in advance from kayakers on July 30, the company receives additional cash of $3,800 from 20 new kayakera on the day of the clinic. Tony and Suzie conducts a second kayak clinic, and the company receives $11,900 cash. office supplien of $1,600 purchased on July 4 are paid in full. To provide better storage of mountain bikes and kayakn when not in use, the company rents a storage ahed for one year, paying $3,480 (\$290 per month) in advance. epterber 21 Fony and Suzie conduct a roek-elinbing clinie. The company recelves $13,400 cash. ctober 17 Tony and suzie conduct an orienteering elinic. participants practice how to understand a topographical map, read an altimeter, use a compass, and orient through heavily wooded areas. The company receives $19,200 cash. Tony and suzie deeide to hold the company's first adventure race on December 15 . Four-person teann wil1. race from checkpoint to eheckpoint using a combination of mountain biking, kayaking, orienteering, trail running, and rock-climbing skills. The first team in each category to complete all checkpoints in order wins. The entry fee for each team is $570. To help organize and promote the race, Tony hires his college roommate, victor, Victor will be paid $70 in salary for each team that competes in the race. His salary will be paid after the race. The company pays $1,200 to purchase a permit from a state park where the race will be held. The arount in recorded as a miscellaneons expense. The coepany purchases racing supplies for $2,200 on account due in 30 days. Supplies include trophies for the top-finishing teans in each category, promotional shirts, bnack foods and drinks for participants, and field markers to prepare the racecourse. The company receives $22,800 cash from a total of forty team, and the race is held. The company pays Viotor salary of $2,800. The company pays a dividend of $4,900 ( $2,450 to Tony and $2,450 to suzle). Uning his personal money, Tony purehases a diamond ring for $3,800, Tony surprises suzie by proposing that they get married. Suzie accepts and they get married! e following information relates to year-end adjusting entries as of December 31,2024. 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 purchased on August 4 totals \$5,600. 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 $1,600 of office supplies purchased on July 4,$250 remains. e. Interest expense on the $47,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,200 of racing supplies purchased on December 12,$230 remains. g. Suzie calculates that the company owes $13,400 in income taxes. Adjusted GREAT ADVENTURES, INCORPORATED Balance Sheot December 31,2024 \begin{tabular}{|l|} \hline Assets \\ \hline \\ \hline \\ \hline Totrent Assets: \\ \hline Current Assets \\ \hline Long-term assets: \\ \hline \end{tabular} Liabilitios Long-term assets: Current Liabilities