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$$ll hold their first adventure races. These races will involve four$-$person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes course for outdoor enthusiasts. On July $1,2024,$ Tony and Suzie organize their new company as a corporation, Great Adventures Incorporated The articles of incorporation state that the corporation will sell $24,000$ shares of common stock for $$1$December $1$ 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 skills. The first team in each category to complete all checkpoints in order

wins. The entry fee for each team is $$530.$

December $5$ To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $$40$ in

salary for each team that competes in the race. His salary will be paid after the race.

December $8$ The company pays $$1,300$ to purchase a permit from a state park where the race will be held. The amount is

recorded as a miscellaneous expense.

December $12$ 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.

December $15$ The company receives $$21,200$ cash from a total of forty teams, and the race is held.

December $16$ The company pays Victor's salary of $$1,600.$

December $31$ The company pays a dividend of to Tony and $$1,950$ to Suzie$).$

December $31$ Using his personal money, Tony purchases a diamond ring for $$3,900.$ 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 $31,2024.$

a$.$ Depreciation of the mountain bikes purchased on July $8$ and kayaks purchased on August $4$ totals $$6,480.$

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 $$1,600$ of office supplies purchased on July $4,$$$380$ remains.

e$.$ Interest expense on the $$42,000$ loan obtained from the city council on August $1$ should be recorded.

f$.$ Of the $$2,800$ of racing supplies purchased on December $12,$$$300$ remains.

g$.$ Suzie calculates that the company owes $$13,500$ in income taxes.

Record each of the transactions listed above in the 'General Journal' tab $($these are shown as items $1$ to $27).$ Review the

'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances.

Record the adjusting entries in the 'General Journal' tab $($these are shown as items $28$ to $34).$

Review the adjusted 'Trial Balance' as of December $31,2024.$

Prepare an income statement for the period ended December $31,2024,$ in the 'Income Statement' tab.

Prepare a statement of stockholder's equity for the period ended December $31,2024,$ in the 'Statement of Stockholder's

Equity' tab.

Prepare a classified balance sheet as of December $31,2024$ in the 'Balance Sheet' tab.

Record the closing entries in the 'General Journal' tab $($these are shown as items $35$ to $37).$