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Tony's favorite memories of his childhood were the times he spent with his dad at camp. Tony was daydreaming of those days a bit as he and Suzie jogged along a nature trail and came across a wonderful piece of property for sale. He turned to Suzie and said, "I've always wanted to start a camp where families could get away and spend some quality time together. If we just had the money, I know this would be the perfect place." On November 1, 2022, Great Adventures purchased the land by issuing a $510,000, 6%, 9-year installment note to the seller. Payments of $6,123 are required at the end of each month over the life of the 9-year loan. Each monthly payment of $6,123 includes both interest expense and principal payments (i.e., reduction of the loan amount). Late that night Tony exclaimed, "We now have land for our new camp; this has to be the best news ever!" Suzie said, "There's something else I need to tell you. I'm expecting!" They decided right then, if it was a boy, they would name him Venture. Required: 1. Complete the first three rows of an amortization schedule. Answer is complete but not entirely correct. Change in Carrying Value Interest Expense Carrying Value Date Cash Paid $ 510,000 11/01/2022 3,967 X 11/30/2022 6,217 2,250 X S 506,033 3,687 8 12/31/2022 6,217 2,530 502,346 Return to question 2. & 3. Record the purchase of land with the issuance of a long-term note payable on November 1, 2022, and the first two payments on November 30, 2022, and December 31, 2022, and calculate the remaining balance of the note payable as of December 31, 2022. (If no entry is required for a particular transaction, select "No Journal Entry Required" in the first account field.) Answer is complete but not entirely correct. No Date General Journal Debit Credit November 01, 202 Cash 510,000 Notes Payable 510,000 November 30, 202 Interest Expense 2,550 Notes Payable 3,573 Cash 6,123 December 31, 202 Interest Expense 3 2,519 Notes Payable 3,698 Cash 6,217 Answer is complete but not entirely correct. s 497,660 8 Balance 4. The 12 monthly payments in 2023 (following year) will reduce the note's balance by an additional $44,516. How would the remaining balance of the note payable be reported in the balance sheet as of December 31, 2022? Answer is complete but not entirely correct. Current liability IS 44,516 Long-term liability 465,484 Total 510,000

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