3:14:18 Print Balance $ 541,022 4. The 12 monthly payments in 2023 (following year) will reduce the note's balance by an additional $55,790. How would the remaining balance of the note payable be reported in the balance sheet as of December 31, 2022? Current liability Long-term liability Total $ 6 5 oints 03:14:01 Print Great Adventures Problem AP9-1 Tony's favorite memories of his childhood were the times he spent with his dad at camp. Tony was daydreaming of those days a 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 always wanted to start a camp where families could get away and spend some quality time together. If we just had the money, I k this would be the perfect place." On November 1, 2022, Great Adventures purchased the land by issuing a $550,000, 6%, 8-year installment note to the seller. Payments of $7,228 are required at the end of each month over the life of the 8-year loan. Each mor payment of $7,228 includes both interest expense and principal payments (ie., 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. Date Cash Paid Interest Expense Change in Carrying Value Carrying Value 11/01/2022 $ 550,000 11/30/2022 $ 12/31/2022 7,228 $ 7,228 2,750 $ 2,728 4,478 545,522 4,500 541,022