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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

Tonys 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, Ive 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 1,2025, Great Adventures purchased the land by issuing a $530,000,6%,10-year installment note to the seller. Payments of $5,884 are required at the end of each month over the life of the 10-year loan. Each monthly payment of $5,884 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, Theres something else I need to tell you. Im expecting!
Required:
1. Complete the first three rows of an amortization schedule.
2. Record the purchase of land with the issuance of a long-term note payable on November 1,2025.
3-a. Record the first two payments on November 30,2025, and December 31,2025.
3-b. Calculate the remaining balance of the note payable as of December 31,2025.
4. The 12 monthly payments in 2026(following year) will reduce the notes balance by an additional $40,294. Record the reclassification of this amount from Notes Payable (long-term) to Notes Payable (current).

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