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 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 $450,000, 6%, 10-year installment note to the seller. Payments of $4,996 are required at the end of each month over the life of the 10-year loan. Each monthly payment of $4,996 includes both interest expense and principal payments (.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. 4. The 12 monthly payments in 2023 (following year) will reduce the note's balance by an additional $34,212. 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