RWP$9-1($Algo$)$ Great Adventures Continuing Case

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 $1,2025,$ Great Adventures purchased the land by issuing a $$400,000,6\%,8-$year installment note to the seller. Payments of $$5,257$ are required at the end of each month over the life of the $8-$year loan. Each monthly payment of $$5,257$ 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, "There's something else I need to tell you. I$\text{'}$m expecting!"

Required:

Complete the first three rows of an amortization schedule.

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 $31,2025.$

The $12$ monthly payments in $2026($following year$)$ will reduce the note's balance by an additional $$40,574.$ Record the reclassification of this amount from Notes Payable $($long$-$term$)$ to Notes Payable $($current$).$

Complete this question by entering your answers in the tabs below.

Req $1$

Req $2$

Req $3A$

Req $3$B

Req $4$

Complete the first three rows of an amortization schedule. $($Do not round your intermediate calculations. Round final answers to the nearest dollar amount.$)$

$\backslash$table$[[$Date$,$Cash Paid,$\backslash$table$[[$Interest$],[$Expense$]],\backslash$table$[[$Change in$],[$Carrying Value$]],$Carrying Value$],[\frac{11}{01}\frac{?}{2025},,,,],[\frac{11}{30}\frac{?}{2025},,,,],[\frac{12}{31}\frac{?}{2025},,,,]]$