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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
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 Susiejogged along a nature trail and came across a wonderful piece of property for sale. He turned to Sutie and said, "Tve always wanted to start a camp where families could get away and spend some quality time together west had the money. I know this would be the perfect place.On November 1 2022. Great Adventures purchased the land by issuing a $600,000,6%, 9 year Installment note to the seller Payments of $7.203 are required at the end of each month over thee of the year loan. Each monthly payment of $2203 includes both interest expense and principal payments le, 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" They decided right then it was a boy, they would name him Venture Required: 1. Complete the first three rows of an amortization schedule. Dute Cash Pald Expense Carrying Val Carrying Valu 12002 2. & 3. Record the purchase of land with the issuance of a long term note payable on November 1, 2022, and the first two payments on November 30, 2022, and December 31, 2022, and calculate the remaining balance of the nate payable as of December 31, 2022 (if no entry is required for a particular transaction, select "No Journal Entry Required in the first account field.) View transaction lit Journal entry worksheet Record the issuance of note payable Notr ebare credits General Journal Debit Cred November 01, 2022 Recordantry View general journal Balance 4. The 12 monthly payments in 2023 Milowing year will reduce the note's balance by an additional $S2,372. How would the remaining balance of the note payable be reported in the balance sheet as of December 31, 2022? 4. The 12 monthly payments in 2023 (following year will reduce the nate's balance by an additional $52,372. How would the remaining balance of the nate payable be reported in the balance sheet as of December 31, 2022? Currently Long-term Sably
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