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, 2014, Great Adventures obtained $570,000, 6%, 8-year installment loan from Summit Bank. Monthly payments of $7,491 are required at the end of each month over the life of the 8-year loan. Each monthly payment of $7,491 includes both interest expense and principal payments (i.e., reduction of the loan amount.)

Late that night Tony exclaimed, "$570,000 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.

1. value:

10.00 points Required information

Required:

1.	Complete the first three rows of an amortization table.(Round your final answers to the nearest dollar amount.Omit the "$" sign in your response.)

Date	Cash Paid	Interest Expense	Decrease in Carrying Value	Carrying Value
1/1/14				$
1/31/14	$	$	$
2/28/14

References eBook & Resources WorksheetDifficulty: HardCheck my work

2. value:

10.00 points Required information

2.	Record the note payable on January 1, 2014, and the first two payments on January 31, 2014, and February 28, 2014.(Do not round intermediate calculations. Round your final answers to the nearest dollar amount. Omit the "$" sign in your response.)

Date	General Journal	Debit	Credit
Jan.1, 2014	(Click to select)Accounts payableInterest expenseNotes receivableInterest payableCashNotes payableInterest revenueAccounts receivable
	(Click to select)Interest revenueAccounts payableInterest expenseNotes payableAccounts receivableNotes receivableCashInterest payable
Jan.31, 2014	(Click to select)Interest revenueInterest payableAccounts payableNotes payableCashAccounts receivableNotes receivableInterest expense
	(Click to select)Interest payableNotes payableCashAccounts payableInterest revenueAccounts receivableNotes receivableInterest expense
	(Click to select)Notes receivableInterest expenseAccounts receivableAccounts payableInterest revenueCashNotes payableInterest payable
Feb.28, 2014	(Click to select)Notes receivableInterest revenueAccounts receivableCashAccounts payableNotes payableInterest expenseInterest payable
	(Click to select)Accounts payableNotes receivableAccounts receivableCashNotes payableInterest expenseInterest payableInterest revenue
	(Click to select)Notes payableNotes receivableCashInterest expenseInterest revenueInterest payableAccounts receivableAccounts payable