Tony and Suzle 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 Suzle 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 Insue an additional 134,000 shares of common stock for $10 per share. November 16 Purchase 13,400 shares of its own common stock (se, treasury atock) for $32 por share. November 24 Resell 7,400 shares of treasury stock at $33 per share. Decenber 1 December 15. Declare a cash dividend on its common stock of $14,800 ($0.10 per share) to all stockholders of record on December 20 Pay the cash dividend declared on December 1. December 31 Pay 5885,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account. cs General General Requirement Income Trial Balance Journal Balance Sheet Ledger Statement Prepare the Journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account held.) View transaction lit View journal entry worksheet GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 *$ 46,200 154,000 (520) Service Revenue Sales Revenue Sales Discounts 0 199,680 40,200 $ 159,480 7 18,950 7 1,350 Net Sales Cost of Goods Sold Gross Profit Operating Expense Depreciation Expense Supplies Expense Salaries Expense Bad Debt Expense Rent Expense Insurance Expense Repairs and Maintenance Expense Warranty Expense Loss 2 + 32,500 3,250 4,100 7,400 740 7,400 15,400 0 Total Operating Expenses Operating Income (Loss) Interest Expense interest Revenue 91,090 68,390 (11,024) 460 57,826 Prou Assets Current Assets: Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Prepaid Insurance 24,200 1,600 16.200 GREAT ADVENTURES, INC. Balance Sheet December 31, 2022 Llabilities Current Liabilities: 326,528 Accounts Payable 53,400 Interest Payable (2,740) Income Tax Payable 10,400 Deferred Revenue 1,240 Notes Payable (Current) 0 Contingent Liability 0 Warranty Liability 0 0 Total Current Liabilities 0 0 388,828 Total Liabilities Stockholders' Equity 840,000 Common Stock 885,000 Additional Paid-in Capital 97,020 Retained Earnings (28,650) Treasury Stock 0 0 Total Stockholders' Equity $ 2,182,198 Total Liabilities and Stockholders' Equity 8,400 82,363 15,400 7.400 0 155,563 0 0 155,563 Total Current Assets Long-term Assets: Land Buildings Equipment Accumulated Depreciation TA 2 2 2 154,000 1,213,400 78,176 (163,600) 1,281,976 1.437539 Total assets $ Prev 1 of 4 HE Next >