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.

Account Title Debit Credit Cash $ 300,770 52,800 Accounts Receivable Allowance for Uncollectible Accounts 2,680 Inventory Prepaid Insurance 9,800 1,180 Land 780,000 90,840 28,050 870,000 23,600 1,450 15,900 7,800 Equipment Accumulated Depreciation Buildings Accounts Payable Interest Payable Income Tax Payable Deferred Revenue Notes Payable (Current) Notes Payable (Long-term) Contingent Liability Warranty Liability Common Stock Treasury Stock Additional Paid-in Capital Retained Earnings Sales Discounts 76,301 733,955 14,800 6,800 148,000 174,000 1,158,800 61,744 490 Total $ 2,279,880 $ 2,279,880 GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 $ 0 Sales Revenue 0 Service Revenue 0 O Net Sales 0 0 Gross Profit $ 0 Operating Expense 0 0 Bad Debt Expense Depreciation Expense Warranty Expense 0 0 0 0 0 0 Insurance Expense Rent Expense Repairs and Maintenance Expense Salaries Expense Supplies Expense Total Operating Expenses Operating Income (Loss) 0 0 0 OO 0 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 Total Current Liabilities 0 0 OOOOO 0 0 Total Liabilities 0 Total Current Assets Long-term Assets: Stockholders' Equity 0 0 0 0 0 0 Total Stockholders' Equity 0 Total Liabilities and Stockholders' Equity Total assets $ $ 0