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Tony and Suzie purchased land costing $500,000 for a new camp in January 2020. Now they need money to bulld the cabins, dining facility, a
Tony and Suzie purchased land costing $500,000 for a new camp in January 2020. Now they need money to bulld 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 another millilon dollars, but unfortunately the bank turned them down as too risky. Undeterred, they promoted thelr 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 two classes of stock authonzed: 7%, $10 par preferred, and $1 par value common. When the company began on July 1, 2018, Tony and Suzie each purchased 15,000 shares of $1 par value common stock at $1 per share. The following transactions offect stockholders equity during 2020, Its third year of operations: July 2 Issue an additional 100,000 shares of common stock for $14 per share. September 10 Repurchase 10.000 shares of its own common stock (le, treasury stock) for $17 per share November 15 Relssue 5,000 shares of treasury stock at $18 per share December 1 Declare a cash dividend on its common stock of $125,000 ($1 per share) to all stockholders of record on December 15. December 31 Pay the cash divdend declared on December 1 volue Required Information 10.00 points Required 1. Record each of these transactions. (If no entry is required for a transactionlevent, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Issue an additional 100,000 shares of common stock for $14 per share. Note: Enter debits bafore crodits. Date General Journal Debit July 02, 2020 Record entry Clear entry View general journal
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