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:

Great Adventures Problem AP10-1 (GL) 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 140,000 shares of common stock for $10 per share. November 16 Purchase 14,000 shares of its own common stock (i.e., treasury stock) for $35 per share. November24 Resell 8,000 shares of treasury stock at $36 per share. Declare a cash dividend on its common stock of $15,400 ($0.10 per share) to all stockholders of record on December 1 December 15. December20 Pay the cash dividend declared on December 1. Pay $900,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the December31 Buildings account. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet 1. Record each of the transactions listed above in the 'General Journal' tab. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Review the 'Trial Balance' as of December 31, 2022, in the 'Trial Balance' tab. 3. Prepare a multiple-step income statement for the period ended December 31, 2022, in the 'Income Statement' tab. 4. Prepare a classified balance sheet as of December 31, 2022, in the 'Balance Sheet' tab. 5. Record the closing entries in the 'General Journal' tab. 1 Record the issue of additional 140,000 shares of common stock for $10 per share. 2 Record the purchase of 14,000 shares of its own common stock (i.e., treasury stock) for $35 per share. 3 Record the resale of 8,000 shares of treasury stock at $36 per share. 4 Record the declaration of $15,400 ($0.10 per share) cash dividend on its common stock to all stockholders of record on December 15. 5 Record the payment of cash dividend declared on Dec. 1. 12. 5 Record the payment of cash dividend declared on Dec. 1. Record the payment of $900,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account. 7. Prepare the closing entry for the revenue accounts. Prepare the closing entry for the expense and loss accounts. 9 Prepare the closing entry for the dividend account. Note : = journal entry has been entered GREAT ADVENTURES, INC. Trial Balance December 30, 2022 Account Title Credit Cash $ Debit 69,686 54,000 2,800 Accounts Receivable Allowance for Uncollectible Accounts Inventory Prepaid Insurance Land 11,000 1,300 900,000 103,200 29,250 24,800 1,750 16,500 9,000 844,565 88,424 16,000 8,000 20,000 35,450 46,500 160,000 Equipment Accumulated Depreciation Accounts Payable Interest Payable Income Tax Payable Deferred Revenue Notes Payable (Long-term) Notes Payable (Current) Contingent Liability Warranty Liability Common Stock Retained Earnings Service Revenue Sales Revenue Sales Discounts Interest Revenue Cost of Goods Sold Depreciation Expense Supplies Expense Salaries Expense Bad Debt Expense Interest Expense Rent Expense Income Tax Expense Insurance Expense Repairs and Maintenance Expense Warranty Expense Loss Total 550 520 40,500 19,250 1,500 34,000 3,400 11,773 4,400 16,500 7,700 800 8,000 16,000 1,303,559 $ $ 1,303,559