solve for the income statement, statement of stockholders equity, and balance sheet. all entered values are considered correct.

Required Information Great Adventures Problem AP3-1 (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 Suzie organize their new company as a corporation, Great Adventures Inc. The articles of incorporation state that the corporation will sell 28,000 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. Jul. 1 Sell $14,000 of common stock to Suzie. Jul. 1 Sell $14,000 of common stock to Tony Jul. 1 Purchase a one-year insurance policy for $5,280 ($440 per month) to cover injuries to participants during outdoor clinics. Jul. 2 Pay legal fees of $1,700 associated with incorporation Jul. 4 Purchase office supplies of $1,400 on account Jul. 7 Pay for advertising of $400 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $40 on the day of the clinic Jul. 8 Purchase 10 mountain bikes, paying $19, 400 cash. Jul. 15 On the day of the clinic, Great Adventures receives cash of $1,600 from 40 bikers. Tony conducts the mountain biking clinic. Jul. 22 Because of the success of the first mountain biking clinic Tony holds another mountain biking clinic and the company receives $2,200. Jul. 24 Pay 5950 to a local radio station for advertising to appear imediately. A kayaking clinic will be held on August 10, and attendees can pay $140 in advance or $100 on the day of the clinic Jul 30 Great Adventures receives cash of $5,600 in advance from 40 kayakers for the upcoming kayak clinic Aug. Great Adventures obtains a $31,000 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 is due in three years, and 6% annual interest is due each year on July 31 Aug. 4 The company purchases 14 kayaks, paying $17,600 cash Aug. 10 Twenty additional kayakers pay $3,880 ($190 each), in addition to the $5,600 that was paid in Prey 6 7 of 10 Next Aug 10 Twenty additional kayakers pay $3,800 ($199 each), in addition to the $5,609 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic Aug. 17 Tony conducts a second kayak clinic, and the company receives $11.000 cash. Aug. 24 Office supplies of $1,400 purchased on July 4 are paid in full. Sep. 1 To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed for one year, paying $4,320 ($360 per month) in advance. Sep. 21 Tony conducts a rock-climbing clinic. The company receives $13, 400 cash. Oct. 17 Tony conducts 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 $19,800 cash. Dec. 1 Tony decides 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 skills. The first team in each category to complete all checkpoints in order wins. The entry fee for each team is $650. Dec. 5 To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $7e in salary for each team that competes in the race. His salary will be paid after the race. Dec. 8 The company pays $1,800 to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense. Dec. 12 The company purchases racing supplies for $2,800 on account due in 30 days. Supplies include trophies for the top-finishing teams in each category, promotional shirts, snack foods and drinks for participants, and field markers to prepare the racecourse. Dec. 15 The company receives $26,000 cash from a total of forty tears, and the race is held. Dec. 16 The company pays Victor's salary of $2,800. Dec. 31 The company pays a dividend of $4,300 ($2,150 to Tony and $2,150 to Suzie). Dec. 31 Using his personal money, Tony purchases a diamond ring for $3,800. Tony surprises Suzie by proposing that they get married. Suzie accepts 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 8 and kayaks purchased on August 4 totals $8.900. 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 $1,400 of office supplies purchased on July 4. $330 remains. e. Interest expense on the $31,000 loan obtained from the city council on August 1 should be recorded. 1. Of the $2,800 of racing supplies purchased on December 12, $180 remains. g. Suzie calculates that the company owes $14,600 in income taxes. Great Adventures Problem AP3-1 Part 5 5. For the period July 1 to December 31, 2021, prepare an income statement, statement of stockholders' equity and classified balance sheet Complete this question by entering your answers in the tabs below. Sunt of Income Stockholders Balance Sheet statement Equity Prepare a classified balance sheet as of December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) GREAT ADVENTURES Inc Balance Sheet December 31, 2021 Assets Liabilities Current Assets: Current Liabilities: 115 82.450 Accounts Payable Prepaid Insurance 21640. Interest Pava Prepaid Rent 2.880 Income Tax Payable Supplies (Office) Supplies (Racing) Total Current Liabilities Cash 180 Total Current Assets Long-term assets: Equipment Bikes) Equipment (Kayaks) 88.480 Total Liabilities Stockholders' Equity 19.400 Retained Earnings 17.600 Common Stock Total Stockholders' Equity Total abilities and Stockholders Equity Total Assets $ 125.480 Stme of Stockholders Equity Great Adventures Problem AP3-1 Part 5 5. For the period July 1 to December 31, 2021, prepare an income statement, statement of stockholders' equity and classified balance sheet. Complete this question by entering your answers in the tabs below. Strnt of Income Stockholders Balance Sheet Statement Equity For the period July 1 to December 31, 2021, prepare a statement of stockholders' equity. All account balances on July 1 were zero. GREAT ADVENTURES, Inc. Statement of Stockholders' Equity For the Period Ended December 31, 2021 Retained Common Stock Earnings Total Stockholders Equity $ 14.300 Net Income for 20 Required information Stent of Income stockholders Balance Sheet statement Equity For the period July 1 to December 31, 2021, prepare an Income statement. GREAT ADVENTURES, Inc. Income Statement December 31, 2021 Revenues: Service Revenue (Racing) Service Revenue (Clinic) $ 0 Total Revenues Expenses: Advertising Expenses Legal Fees Expense Miscellaneous Expense Salaries Expenses Depreciation Expense 1.350 700 in Insurance Expense Rent Expense Supplies Expense (Office) Supplies Expense (Racing) Interest Expenses Income Tax Expense Sumt of Stockholders Equity >