RWP9-1 (Static) Great Adventures Continuing Case (GL) 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 $500,000, 6%, 10-year installment note to the seller. Payments of $5,551 are required at the end of each month over the life of the 10-year loan. Each monthly payment of $5,551 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'm expecting!" Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list purchase vi lanu viI NUVCHIDTI 1, 20J. 2 Record the first monthly payment on the long-term note payable, made on November 30, 2025. land on 3 Record the second monthly payment on the long-term note payable, made on December 31, 2025. 4 The 12 monthly payments in 2026 (following year) will reduce the note's balance by an additional $38,014. Record the reclassification of this amount from long-term notes payable to current notes payable. it Credit ,000 500,000 5 Record the entry to close the revenue accounts. 6 Record the entry to close the expense accounts. Note : = journal entry has been entered Record entry Clear entry View general journal Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Prepare a classified balance sheet as of December 31, 2025. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted or post-closing balances will appear for each account, based on your selection. Post-closing Assets Current Assets: Total Current Assets Long-Term Assets: GREAT ADVENTURES, INCORPORATED Balance Sheet December 31, 2025 Liabilities Current Liabilities: Total Current Liabilities Long-term Liabilities: 0 0 Total Liabilities 0 Stockholders' Equity Total Stockholders' Equity 0 Total Assets $ 0 Total Liabilities & Stockholders' Equity $ 0 Prepare an income statement for the period ended December 31, 2025. Choose the appropriate accounts to complete the company's income statement. The unadjusted or post-closing balances will appear for each account, based on your selection. Post-closing Revenues: Net Sales Gross Profit Expenses: GREAT ADVENTURES, INCORPORATED Income Statement For the Period Ended December 31, 2025 Total Operating Expenses Operating Income Income Before Income Taxes $ 0 0 0 0 0 $ 0 0 0 0 0 0 0 $ 0