Tony and Suzie have purchased land for a new camp. Now they need money to build the cabins, dining facility, a ropes course, and an outdoor swimming pool. Tony and Suzie first checked with Summit Bank to see if they could borrow an additional $1 million, but unfortunately the bank turned them down as too risky. Undeterred, they promoted their idea to close friends they had made through the outdoor clinics and TEAM events. They decided to go ahead and sell shares of stock in the company to raise the additional funds for the camp. Great Adventures has authorized $1 par value common stock. When the company began on July 1, 2021, Tony and Suzie each purchased 10,000 shares (20,000 shares total) of $1 par value common stock at $1 per share. The following transactions affect stockholders' equity during the remainder of 2022: November 5 Issue an additional 100,000 shares of common stock for $10 per share. November 16 Purchase 10,000 shares of its own common stock (i.e., treasury stock) for $15 per share. November 24 Resell 4,000 shares of treasury stock at $16 per share. December 1 Declare a cash dividend on its common stock of $11,400 ($0.10 per share) to all stockholders of record on December 15. December 20 Pay the cash dividend declared on December 1. December 31 Pay $800,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No General Journal Debit Credit Date Nov 05 1 Cash 1,000,000 Common Stock 100.000 in the first account field.) View transaction list View journal entry worksheet X Debit Credit 1,000,000 100,000 Cuviu cucuiuI ULIVIT VI P15,TVU wisu pi JIUI, CU dividend on its common stock to all stockholders of record on December 15. 900,000 Record the payment of cash dividend declared on Dec. 1. 150,000 150,000 6 Record the payment of $800,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account. 64,000 60,000 7 Prepare the closing entry for the revenue accounts. 4,000 8 Prepare the closing entry for the expense and loss accounts. 11,400 11,400 9 Prepare the closing entry for the dividend account. Note : = journal entry has been entered 6 Dec 30 800,000 Buildings Cash 800,000 9 Dec 31 Retained Earnings 11,400 Cash 11,400 Post-closing Date Date GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 $ 0 0 0 0 Net Sales 0 0 Gross Profit $ 0 Operating Expense 0 0 0 0 0 0 0 0 0 0 0 Total Operating Expenses Operating Income (Loss) 0 0 0 0 Post-closing Dates: Nov 05 to: Dec GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets: Current Liabilities: $ 0 $ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Current Liabilities 0 0 0 0 0 Total Current Assets 0 Total Liabilities 0 Long-term Assets: Stockholders' Equity 0 0 0 0 0 0 0 Total Stockholders' Equity 0 Total Liabilities and Stockholders' Equity Total assets $ $ 0
