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Homework 3 Deadline: Oct 18, 2017 (Wed) before class starts IMPORTANT: A hardcopyof the homework should be submitted on the due date at the beginning class. Please make sure your name is on your assignment; make sure your work is readable. If you are absent on the due date please make sure that a copy of your homework is received before the beginning of class that day. You may refer to the opening story of Tony and Suzie and their decision to start Great Adventures in homework 1. More of their story and the first set of transactions for the company in July are presented in homework 2 and repeated here. July 1 Sell $10,000 of common stock to Suzie. July 1 Sell $10,000 of common stock to Tony. July 1 Purchase a one-year insurance policy for $4,800 ($400 per month) to cover injuries to participants during outdoor clinics. July 2 Pay legal fees of $1,500 associated with incorporation. July 4 Purchase office supplies of $1,800 on account. July 7 Pay for advertising of $300 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $50 the day of the clinic. July 8 Purchase 10 mountain bikes, paying $12,000 cash. July 15 On the day of the clinic, Great Adventures receives cash of $2,000 from 40 bikers. Tony conducts the mountain biking clinic.