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$$m expecting!$$

Required:

$1.$ Complete the first three rows of an amortization schedule.

$2.$ 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 $31,2025.$

$4.$ 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$).$