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 23.000 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 $11,500 of common stock to Sunie Jul. 1 Sell $11.500 of common stock to Tony Jul. 1 Purchane a one-year insurance policy for $4,080 (5340 per month) to cover injuries to participants Jul. 2 Pay legal fees of $1,300 associated with incorporation Jul 4 Purchase office supplies of $1,400 on account. Jul 7 pay for advertising of $310 to local newspaper for an upcoming mountain biking olinie to be held on July 15. Attendees will be charged $60 on the day of the clinic. Jol. 8 Purchase 10 m tain es, paying $19.800 cash Jal. 15 On the day of the clinie, Great Adventures receives cash of $2.400 from 40 bikers. Tony conducts the mountain biking clinie. Jul. 22 Because of the success of the first mountain biking clinie, Tony holds another mountain biking clinic and the company receives $2,900. Jul. 24 Pay $830 to a local radio station for advertising to appear imediately. A kayaking clinic will be held on August 10, and attendees can pay $130 in advance or $180 on the day of the clinic. Jul. 30 Great Adventures receives cash of $9,100 in advance from 70 kayakers for the upcoming kayak clinic. Aug. 1 Great Adventures obtains a 549,000 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 annual interest is due each year on July 31. Aug. 4 The company purchases 14 kayaks, paying $16,800 cash Aug. 10 Twenty additional kayakers pay $3,600 ($180 each), in addition to the $9,100 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic Aug. 17 Tony conducta a second kayak elinie, and the company receives $12,100 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 $3,000 $250 per month) in advance. Sep. 21 Tony conducts a rock-climbing elinie. The company receives $14,300 cash Oct. 17 Tony conducts an orienteering elinie. Participants practice how to understand a topographical map. read an altimeter, use a compass, and orient through heavily vooded areas. The company receives $18,000 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 $500. Dec. To help organize and promote the race, Tony hire his college roommate, Victor. Victor will be paid 540 in salary for each team that competes in the race is salary will be paid after the race. Dec. & The company pays $1,400 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 $2,000 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 racerse. Dec. 15 The company receives $29,000 cash from a total of forty teams, and the race is held. Dec. 16 The company pays Victor's salary of $1,600. Dec. 31 The company pays dividend of $4,600 ($2,300 to Tony and $2,300 to Suri). Dec. 1 Using his personal money, Tony purchases diamond ring for 54,000. Tony Harpeisen sowie by proposing that they got married. Susie 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 1has expired d. Of the $1,400 of office supplies purchased on July 4, $280 remains e. Interest expense on the $49,000 loan obtained from the city council on August 1 should be recorded. for the $2,000 of racing supplies purchased on December 12, $130 remains. g. Suzie calculates that the company owes $14,500 in income taxes 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. Stmt 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 Total Revenues Expenses Total Expense Stmt of Stockholders Equity > Complete this question by entering your answers in the tabs below. Stmt 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 Common Stock Retained Earnings Total Stockholders Equity 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 Liabilities Current Liabilities: Assets Current Assets Total Current Liabilities Total Current Assets Long-term assets Total Liabilities Stockholders' Equity Total Assets Total Stockholders' Equity Total Liabilities and Stockholders' Equity