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 32,000 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 22. Because of the success of the first mountain biking elinic, Tony and suzie holda another The following trantiactions occur over the remainder of 2024 . Auguat i Great Adventures obtaine a $45,000 low-interent loan for the company from the oity council, which has recently passed an initiative eneouraging business developenent related to outdoor activities. The loan is due in three years, and 61 annual interest is due each year on july 31. Aagast 4 The company purchasen 14 kayaks, paying $20,400cash, August 10 Tony and suzie conduet the first kayak elinie. In addition to the $10,500 that was received in advanee from kayakers on July Jo, the Rugunt 17 Tony and suzie conduets a second kayak elinic, and the company receiven $12,300 eash. Auguat 24 office nupplien of $1,400 purchased on July 4 are paid in full. September 1 To provide better atorage of mountain bikes and kayaka when not in use, the coapany rente a storage shed for one year, paying $2,400 ( $200 per month) in advance. Septenber 21 Tony and fiuzle conduet a roek-elinbing clinie. The company receivea $13,800 eash. oetober 17 Tony and suzie eonduct an orienteering elinie. Partieipantil practice how to understand a topographical nap, read an altimeter, use a compass, and orient through heavily wooded areas. the conpany receives 519,100canh. Decenber 1 Tony and suzie decide to hold the ocepany's tirat adventure race on Deeenber 15. Four-peraon teass wist race from eheckpoint to checkpoint waing a conbination of mountain biking, kayaking, December 1 Tony and suzie decide to hold the company's first adventure race on Decenber 15. Four-person teams will race from eheckpoint to checkpoint using a combination of mountain biking, kayaking, orienteering, trail running, and rock-climbing skills. The first tean in each category to complete all checkpoint.s in order wins. The entry fee for each tean is $580. Decesber 5 To help organize and pronote the race, Tony hires his college roomate, victor. Victor will be paid $30 in salary for each tean that competes in the race. Hin salary will be paid after the race. December 8 The company pays $1,300 to purchane a permit from a state park where the race will be held. The asount in recorded as a miscellaneous expense. Decenber 12 The company purehases racing supplies for $2,900 on account due in 30 days. Supplies inelude trophien for the top-finishing teams in each category, pronotional shirts, anack foods and drinks for partielpants, and field markers to prepare the racecourse. December 15 The conpany receives $23,200 cash from a total of forty teams, and the race is held. Decenber 16 The company payn vietor's salary of $1,200. Decomber 31 The company pays a dividend of $3,400($1,700 to Tony and $1,700 to 5 uzie ). Decenber 31 Using his personal money, Tony purehases a dianond ring for $4,500. Tony aurprises suzie by proposing that they get married. Suzie accepte 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 $8,600. 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 $1,400 of office supplies purchased on July 4.$370 remains. e. Interest expense on the $45,000 loan obtained from the city council on August 1 should be recorded. f. Of the $2,900 of racing supplies purchased on December 12,$280 remains. g. Suzie calculates that the company owes $13,100 in income taxes. 4. Prepare an adjusted trial balance as of December 31, 2024 . 4. Prepare an adjusted trial balance as of December 31, 2024