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 128,000 shares of common stock for $10 per share. November 16 Purchase 12,800 shares of its own common stock (i.e., treasury stock) for $29 per share. November 24 Resell 6,800 shares of treasury stock at $30 per share. December 1 Declare a cash dividend on its common stock of $14,200 ($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 $870,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account.

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No Date General Journal Debit Credit 1 Nov 05 Cash 1,280,000 Common Stock 128,000 Additional Paid-in Capital 1,152,000 2 Nov 16 Treasury Stock 371,200 Cash 371,200 3 Nov 24 Cash 204,000 Treasury Stock Additional Paid-in Capital 197,200 6,800 4 Dec 01 Dividends 14,200 Dividends Payable 14,200 5 Dec 20 Dividends Payable 14,200 Cash 14,200 6 Dec 30 Buildings 870,000 Cash 870,000 7 Dec 31 Sales Revenue 148,000 45,900 Service Revenue Interest Revenue 400 Retained Earnings 194,300 8 Dec 31 153,206 Retained Earnings Supplies Expense Salaries Expense Depreciation Expense Bad Debt Expense Interest Expense Rent Expense Income Tax Expense Insurance Expense Repairs and Maintenance Expense Warranty Expense 1,200 31,000 18,650 3,100 10,276 3,800 15,900 7,100 680 6,800 3,100 Bad Debt Expense Interest Expense Rent Expense Income Tax Expense Insurance Expense Repairs and Maintenance Expense Warranty Expense 10,276 3,800 15,900 7,100 680 Loss 6,800 14,800 39,900 Cost of Goods Sold 9 Dec 31 Retained Earnings 14,200 Dividends 14,200