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 $36,000$ 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. 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 $$3,960($ $$330$ per month$)$ in advance.

September $21$ Tony and Suzie conduct a rock$-$climbing clinic. The company receives $$15,100$ cash.

October $17$ Tony and Suzie conduct an orienteering clinic. Participants practice how to understand a

topographical map, read an altimeter, use a compass, and orient through heavily wooded

areas. The company receives $$18,300$ cash.

December $1$ Tony and Suzie decide to hold the company's first adventure race on December $15.$ Four$-$

person teams will race from checkpoint to checkpoint using a combination of mountain

biking, kayaking, orienteering, trail running, and rock$-$climbing skills. The first team

in each category to complete all checkpoints in order wins. The entry fee for each team

is $$510.$

December $5$ To help organize and promote the race, Tony hires his college roommate, Victor. Victor

will be paid $$40$ in salary for each team that competes in the race. His salary will be

paid after the race.

December $8$ The company pays $$1,000$ to purchase a permit from a state park where the race will be

held. The amount is recorded as a miscellaneous expense.

December $12$ The company purchases racing supplies for $$2,700$ on account due in $30$ days. Supplies

include trophies for the top$-$finishing teams in each category, promotional shirts, snack

foods and drinks for participants, and field markers to prepare the racecourse.

December $15$ The company receives $$20,400$ cash from a total of forty teams, and the race is held.

December $16$ The company pays Victor's salary of $$1,600.$

December $31$ The company pays a dividend of $$4,500($ $$2,250$ to Tony and $$2,250$ to Suzie$).$

December $31$ Using his personal money, Tony purchases a diamond ring for $$4,600.$ Tony surprises Suzie

by proposing that they get married. Suzie accepts and they get married!

The following information relates to year$-$end adjusting entries as of December $31,2024.$

a$.$ Depreciation of the mountain bikes purchased on July $8$ and kayaks purchased on August $4$ totals $$8,200.$

b$.$ Six months' of the one$-$year insurance policy purchased on July $1$ has expired.

c$.$ Four months of the one$-$year rental agreement purchased on September $1$ has expired.

d$.$ Of the $$1,400$ of office supplies purchased on July $4,$$$300$ remains.

e$.$ Interest expense on the $$49,000$ loan obtained from the city council on August $1$ should be recorded.

f$.$ Of the $$2,700$ of racing supplies purchased on December $12,$ $$200$ remains.

g$.$ Suzie calculates that the company owes $$14,000$ in income taxes. $\backslash$table$[[$For the Period Ended December $31,2024],[$Revenues:$,,],[?,,],[-,,],[,,],[$Total Revenues,,$$0],[$Expenses:$,,],[,,],[,,],[,,],[,,],[,,],[+,,],[?,,],[,,],[?,,],[,,],[?,,],[+,,],[,,],[$Total Expenses,,$0]]$ Income

Stmt of

Statement

Stockholders

Balance Sheet

Equity

For the period July $1$ to December $31,2024,$ prepare a statement of stockholders' equity. All account balances on July $1$ were

zero.Prepare a classified balance sheet as of December $31,2024.($Amounts to be deducted should be indicated by a minus sign.$)$

$\backslash$table$[[$GREAT ADVENTURES, INCORPORATED$],[$Balance Sheet$],[$December $31,2024],[$Assets$,,$Liabilities,,$],[$Current Assets:,,Current Liabilities:,,$],[?,,,,],[+,,,,],[?,,,,],[?,,,,],[+,,$Total Current Liabilities,,$0],[+,,,,],[$Total Current Assets,$0,$Total Liabilities,,$0],[$Long$-$term Assets:,,Stockholders' Equity,,$],[?,,,,],[?,,,,],[?,,,,],[,,$Total Stockholders' Equity,,$0],[$Total Assets,$$0,$Total Liabilities and Stockholders' Equity,$$,0]]$