Tonys 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, Ive 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. They called several banks and on January 1, 2020, Great Adventures obtained a $410,000, 6%, 9-year installment loan from Summit Bank. Payments of $4,922 are required at the end of each month over the life of the 9-year loan. Each monthly payment of $4,922 includes both interest expense and principal payments (i.e., reduction of the loan amount).

Late that night Tony exclaimed, $410,000 for our new camp, this has to be the best news ever. Suzie snuggled close and said, Theres something else I need to tell you, Tony, Im expecting! They decided right then, if it was a boy, they would name him Venture.

Required:

1. Complete the first three rows of an amortization table.

2. Record the note payable on January 1, 2020, and the first two payments on January 31, 2020, and February 28, 2020.

Interest Expense Decrease in Carrying Value Carrying Value Date 01/01/2020 01/31/2020 02/28/2020 Cash Paid