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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 familles 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 $1,2025,$ Great Adventures purchased the land by issuing a $$860,000,6\%,10-$year installment note to the seller. Payments of $$9,548$ are required at the end of each month over the life of the $10-$year loan. Each monthly payment of $$9,548$ 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$\text{'}$m expecting!"

$\backslash$table$[[$Requirement$,\backslash$table$[[$General$],[$Journal$]],\backslash$table$[[$General$],[$Ledger$]],$Trial Balance,$\backslash$table$[[$Income$],[$Statement$]],$Balance Sheet$],[\backslash$table$[[1.$ Record each of the transactions listed above in the 'General Journal' tab. Review the 'General Ledger' and the 'Trial$],[$Balance$\text{'}$ tabs to see the effect of the transactions on the account balances.$],[2.$ Prepare an income statement for the period ended December $31,2025,$ in the 'Income Statement' tab.$],[3.$ Prepare a classified balance sheet as of December $31,2025$ in the 'Balance Sheet' tab.$],[4.$ Record the closing entries in the 'General Journal' tab.$]]]]$

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