The ending balance values from the General Ledger tab flows through to the Trial Balance below. Unadjusted - Choose the appropriate accounts to be reported on the income statement. Select the 'adjusted' from the dropd then populate the balances in those accounts from the trial balance. 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 $5,160. 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 $1,100 of office supplies purchased on July 4,$350 remains e. Interest expense on the $49,000 loan obtained from the city council on August 1 should be recorded. f Of the $2,000 of racing supplies purchased on December 12,$190 remains. g. Suzie calculates that the company owes $13,700 in income taxes. 1. Record each of the transactions listed above in the 'General Journal' tab (these are shown as items 1 to 27). Review the 'Genecal Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the 'General Journal' tab (these are shown as items 28 to 34 ). 3. Review the adjusted 'Trial Balance' as of December 31,2024. 4. Prepary an income statement for the period ended December 31,2024 , in the 'Income Statement' tab. 5. Prepare a statement of stockholder's equity for the period ended December 31, 2024, in the 'Statement of Stockholder's Equity' tab. 6. Prepare a classified balance sheet as of December 31,2024 in the 'Balance Sheet' tab. 7. Record the closing entries in the 'General Journal' tab (these are shown as items 35 to 37 ). Journal entry worksheet Unadjusted GREAT ADVENTURES, INCORPORATED Statement of Stockholders' Equity For the year ended December 31,2024 \begin{tabular}{|l|l|l|l|} \hline & Common Stock & RetainedEarnings & TotalStockholdersEquity \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} July 30 Great Adventures receives total cash of $8,490 in advance from 60 kayake Great Adventures receives total cash of $8,490 in advance from 60 kayakers for the upcosing kayak clinic. The following transactions occur over the relainder of 2024 . August 1 Great Adventures obtains a $49,000 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. August 4 The company purchases 14 kayaks, poying $14,300 cash. August 10 Tony and Suzle conduct the first kayak clinic. In addition to the $8,400 that was received in advance from kayakers on August 17 Jony and Suzle conducts a second kayak clinic, ond, 300 from twenty nea kayakers on the day of the clinic. August 24 office supplies of $1,100 second kayak clinic, and the campany recelves $10,600 cash. Septeaber 1 To provide better $1,180 purchased on July 4 are paid in full. paying $3,600 ( $300 per month) in advance. September 21 Tony and Suzie canduct a rock-climbing clinic. The company receives $13,960 cash. October 17 Tony and Suzle conduct an orienteering clinic. Participants practice how to understand a topographical map, read an altimeter, use a coepass, and orient through heavily wooded areas. The company receives $18,6e0 cash. December 1 Tony and Suzle decide to hold the company's first adventure cace on December 15 . Four-person teans will race froe checkpoint to checkpoint using a combination of mountaln biking, kayoking, orienteering, trail running, and rockclimbing skills. The first team in each category to conplete all checkpoints in order wins. The entry fee for each tean is $580. December 5 To help organize and promote the race, Tony hires his college roommate, victor. Victor will be paid 530 in salary for each team that competes in the race. His solory inil be paid after the race. December a The company pays $1,600 to purchase a permit fron a state park where the race will be held. The anount is recorded as a iscellaneous expense. December 12. The company purchases racing supplies for $2,000 on account due in 30 days. Supplies Include trophies for the topfinishing teans in each category, promotional shirts, snack foods and drinks fgr participants, and fleld markers to prepare the racecourse. Decenber 15 The company receives $23,200 cash from a total of forty teans, and the race is held, December 16 The company pays Victor's salary of $1,200. December 31 The company pays a dividend of $3,400 ( $1,700 to tony and $1,700 to suzie). December 31 Using hl s personal noney, Tony purchases a dianond ring for $4,100. Tony surprises suzle by proposing that they get married, suzle accepts and they get rarcled! Tony and Suzie graduate from college in May 2024 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, 2024, Tony and Suzie organize their new company as a corporation, Great Adventures Incorporated The articles of incorporation state that the corporation will sell 40,000 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 business activities occur during July for Great Adventures July 15e11520,000 of cormon stock to Suzie. July 1 Sell 320,000 of conmon stock to Tony. July 1 Purchase a one-year insurance policy for $3,720 ( $310 per month) to cover infuries to participants during outdoor July 2 Pay legal fees of $1,000 associated with incorporation. July 4 Purchase office supplies of $1,100 on account. zuly ? Pay $360 to a local newspaper for advertisiog to oppeor innediately for on upcoming mountain biking clinic to be held on july 15 . Attendees will be charged $60 on the day of the clinic. July as Purchase 10 mountaln bikes, paying $11,500 cash. July 15 . On the day of the Cilinic, Oreat Adventures receives cash of 32,400 in total from 40 bikers. Tary and suzie conducts the mountaln biking clinic. July 22 Becouse of the success of the first mountain biking clinic, Tony and suzle holds another nountain biking clinic and July 30 ireat Adventures receives total cash of $,400 in advance from 60 kayakers for the upconing kayak clinic. The following transactions occur over the remainder of 2024