Great Adventures Problem 9-1 Tony's favorite memories of his childhood were the times he spent with his dad at camp. Tony was daydreaming of those days a 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, T'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." They called several banks and on January 1, 2020, Great Adventures obtained a S540 000 6% 9-yer installment loan from Summit Bank. Payments of S6483 are required at the end of each month overt life of the 9-year loan. Each monthly payment of $6,483 includes both interest expense and principal payments (i.e., reduction of the loan amount Late that night Tony exclaimed, "$540,000 for our new camp, this has to be the best news ever. Suzie snuggled close and said, "There's something else I need to tell you, Tony, 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 table. InterestDecrease in Carrying Value Expense Carrying Value Date 01/01/2020 01/31/2020 02/28/2020 2. Record the note payable on January 1, 2020, and the first two payments on January 31, 2020, and February 28, 2020. (If no entry is required for a particular transaction, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the issuance of note payable Note: Enter debits before credits. Debit Cre General Journal Credit Date January 01.2020 Record entry Clear entry View general journal 2. Record the note payable on January 1, 2020, and the first two payments on January 31, 2020, and February 28, 2020. (If no entry is required for a particular transaction, select "No journal entry required the first account field.) View transaction list Journal entry worksheet Record the monthly payment. Note: Enter debits before credits. Date General Journal Debit Credit January 31, 2020 Record entry Clear entry View general journal 2. Record the note payable on January 1, 2020, and the first two payments on January 31, 2020, and February 28, 2020. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the monthly payment. Note: Enter debits before credits. Date General Journal Debit Credit February 28, 2020 Record entry View general journal Clear entry
