This is one whole question Required informationGreat Adventures Problem AP10-1(The following information applies to the questions displayed below.]Tony and Suzie have purchased land for a new camp. Now they need money to build the cabins, dining facility, a ropescourse, and an outdoor swimming pool. Tony and Suzie first checked with Summit Bank to see if they could borrow anadditional $1 million, but unfortunately the bank turned them down as too risky. Undeterred, they promoted their idea toclose friends they had made through the outdoor clinics and TEAM events. They decided to go ahead and sell shares ofstock 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 Suzieeach purchased 10,000 shares (20,000 shares total) of $1 par value common stock at $1 per share. The followingtransactions affect stockholders' equity during the remainder of 2022:November 5 Issue an additional 112,000 shares of common stock for $10 per share.November16 Purchase 11,200 shares of its own common stock (i.e., treasury stock) for $21 per share.November24 Resell 5,200 shares of treasury stock at $22 per share.Declare a cash dividend on its common stock of $12,840 ($0.10 per share) to all stockholders ofDecember 1record on December 15.December20 Pay the cash dividend declared on December 1.Pay $830,000 for construction of new cabins and other facilities. The entire expenditure isDecember31recorded in the Buildings account.Great Adventures Problem AP10-1 Part 1Required:1. Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" inthe first account field.)View transaction listView journal entry worksheetNoDateGeneral JournalDebitCreditNovember 05,20221Cash1,120,000Common Stock112,000Additional Paid-In Capital1,008,000November 162022Treasury Stock235,200235,200CashNovember 2420223Cash114,400Treasury StockAdditional Paid-In Capital109,2005,200December 01,2022Dividends12,840Dividends Payable12,840December 20,20225Dividends Payable12,840Cash12,840December 31,2022Building6830,000Cash830,000 Required informationGreat Adventures Problem AP10-1[The following information applies to the questions displayed below.]Tony and Suzie have purchased land for a new camp. Now they need money to build the cabins, dining facility, a ropescourse, and an outdoor swimming pool. Tony and Suzie first checked with Summit Bank to see if they could borrow anadditional $1 million, but unfortunately the bank turned them down as too risky. Undeterred, they promoted their idea toclose friends they had made through the outdoor clinics and TEAM events. They decided to go ahead and sell shares ofstock 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 Suzieeach purchased 10,000 shares (20,000 shares total) of $1 par value common stock at $1 per share. The followingtransactions affect stockholders' equity during the remainder of 2022:November 5 Issue an additional 112,000 shares of common stock for $10 per share.November16 Purchase 11,200 shares of its own common stock (i.e., treasury stock) for $21 per share.November24 Resell 5,200 shares of treasury stock at $22 per share.Declare a cash dividend on its common stock of $12,840 ( $0.10 per share) to all stockholders ofDecember 1record on December 15.December20 Pay the cash dividend declared on December 1.December31 Pay $830,000 for construction of new cabins and other facilities. The entire expenditure isrecorded in the Buildings account.Great Adventures Problem AP10-1 Part 22. Great Adventures has net income of $37,879 in 2022. Retained earnings at the beginning of 2022 was $34,050. Prepare thestockholders' equity section of the balance sheet for Great Adventures as of December 31, 2022. (Amounts to be deducted should beindicated with a minus sign.)GREAT ADVENTURES, INC.Balance Sheet(Stockholders' Equity Section)December 31, 2022Stockholders' equity:Total paid-in capitalTotal stockholders' equity

Req-1 Sr No. Date General Journal Debit Credit 1 Nov. 05, 2022 Cash…

Required information Great Adventures Problem AP10-1 [The following information applies to the questions displayed below.) 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 112,000 shares of common stock for $10 per share. November16 Purchase 11,200 shares of its own common stock (i.e., treasury stock) for $21 per share. November24 Resell 5,200 shares of treasury stock at $22 per share. Declare a cash dividend on its common stock of $12,840 ($0.10 per ahare) to all stockholders of record on December 15. December 1 December20 Pay the cash dividend declared on December 1. Decenber31 Pay $830,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account. Great Adventures Problem AP10-1 Part 1 Required: 1. Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" the first account field.)

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q