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I need all parts and its due in 35 min! Tony's favorite memorles of his childhood were the times he spent with his dad at
I need all parts and its due in 35 min!
Tony's favorite memorles of his childhood were the times he spent with his dad at camp. Tory was daydreaming of those days a bit as he and Suzle jogged along a nature trail and came across a wonderful piece of property for sale. He turned to Suzie and said. Trve always wanted to start a camp where families could get away and spend some quality time together. If we just had the moriey. I know this would be the perfect place-" On November 1, 2025, Great Adventures purchased the land by issuing a $500,000,6%,10-year installment note to the selles, Payments of $5.551 are required at the end of each month over the life of the 10-year ioan. Each monthly payment of \$5,551 includes both interest expense and principal payments (le, 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 everl" Suzie said, "There's something else ineed to tell you rmm expectingt" Required: 1. Complete the first three rows of an amortization schedule. 2. Record the purchase of land with the issuance of a longterm note payable on November 1,2025. 3-0. 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 (followng year) will reduce the note's balance by an additional \$38,014. Record the reciassification of this amount from Notes Payable (long-term) to Notes Payable (current) Complete this question by entering your answers in the tobs below. Complete the first three rows of an amortization schedule. (Do not round your intermediate calculations. Round final answers to the nearest dollar amount.) Step by Step Solution
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