Tony and Suzle graduate from college In May 2024 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they'll hold their first adventure races. These races will involve four-person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes course for outdoor enthusiasts. On July 1, 2024, Tony and Suzie organize their new company as a corporation, Great Adventures Incorporated The articles of Incorporation state that the corporation will sell 32,000 shares of common stock for $1 each. Each share of stock represents a unit of ownership. Tony and Suzie will act as co-presidents of the company. The following business activities occur during July for Great Adventures. July 1 July 1 July 1 July 2 July 4 July 7 July 8 July July 22 15 July 24 July 30 Sell $10,000 of common stock to Suzie. Sell $10,000 of common stock to Tony. Purchase a one-year insurance policy for $4,800 ($400 per month) to cover injuries to participants during outdoor clinics. Pay legal fees of $1,500 associated with incorporation. Purchase office supplies of $1,800 on account. Pay $300 to a local newspaper for advertising to appear immediately for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $50 the day of the clinic. Purchase 10 mountain bikes, paying $12,000 cash. On the day of the clinic, Great Adventures receives cash of $2,000 in total from 40 bikers. Tony and Suzie conduct the mountain biking clinic. Because of the success of the first mountain biking clinic, Tony and Suzie hold another mountain biking clinic and the company receives $2,300. Pay $700 to a local radio station for advertising to appear inmediately. A kayaking clinic will be held on August 10, and attendees can pay $100 in advance or $150 on the day of the clinic. Great Adventures receives total cash of $4,000 in advance from 40 kayakers for the upcoming kayak clinic. The following transactions occur over the remainder of 2024. August 1 August 4 August 10 August 17 August 24 Great Adventures obtains a $30,000 low-interest loan for the company from the city council, which has recently passed an initiative encouraging business development related to outdoor activities. The loan is due in three years, and 6 annual interest is due each year on July 31. The company purchases 14 kayaks, paying $28,000 cash. Tony and Suzie conduct the first kayak clinic. In addition to the $4,000 that was received in advance from. kayakers on July 30, the company receives additional cash of $3,000 from 20 nev kayakers on the day of the elinie. Tony and Suzie conduct a second kayak clinic, and the company receives $10,500 cash. office supplies of $1,800 purchased on July 4 are paid in full. September 1 To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed for one year, paying $2,400 ($200 per month) in advance. September 21 Tony and Suzie conduct a rock-elimbing clinic. The company receives $13,200 cash.