THIS IS FOR QUESTION #2

Problem 1 To help with cash flow, Scotts Camping World (SCW) borrowed $60,000 from their bank on January 1, 2023, by issuing a 6-year, 8% installment loan. Payments of $12,979 are due each year on December 31, beginning in 2023

. What is the principal balance on this installment note at the end of 2025 after the loan payment is recorded? Round your answers to the nearest whole dollar. (Hint: Use an amortization schedule to determine your answer.)

Question 2

Refer back to Problem #1. In addition to the installment loan, SCW issued $200,000 of 5-year, 7% bonds for $190,000 on January 1, 2023. Interest is paid semiannually on June 30 and December 31. SCW uses the straight-line method for amortizing bond discounts and premiums. SCW also had the following financial information during the life of the loan: earned cash revenue of $75,000 each year, paid cash operating expenses of $30,000 each year, purchased land in 2023 for $30,000, and purchased computer equipment in 2025 for $6,500 (estimated useful life of 5 years and salvage value of $600).

What is SCWs net income for 2025?

What is SCWs total assets for 2025?

What is the carrying value of SCWs bonds in 2025?

What is SCWs total liabilities for 2025?