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. GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 Net Sales Gross Profit Operating Expense Total Operating Expenses Operating Income (Loss) Operating Income (Loss) Trial Balance Balance Sheet > GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Assets Liabilities Current Assets: Cash Current Liabilities: 280,568 $ 0 Total Current Liabilities 0 Total Current Assets Long-term Assets: Buildings 280,568 Total Liabilities Stockholders' Equity 800,000 | Common Stock of Additional Paid-in Capital O Treasury Stock or Retained Earnings 120,000 1,004,000 (144,000) 22,050 0 Total Stockholders' Equity 1,080,568 Total Liabilities and Stockholders' Equity 1,002,050 1,002,050 Total assets $ $ GREAT ADVENTURES, INC. Balance Sheet (Stockholders' Equity Section) December 31, 2022 Stockholders' equity: Common Stock Additional Paid-In Capital Total paid-in capital Retained Earnings Total stockholders' equity $ 0