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." They called several banks and on January 1, 2020, Great Adventures obtained a $540,000, 6%, 9-year installment loan from Summit Bank. Payments of $6,483 are required at the end of each month over the life of the 9-year loan. Each monthly payment of $6,483 includes both interest expense and principal payments (i.e., reduction of the loan amount).

Late that night Tony exclaimed, "$540,000 for our new camp, this has to be the best news ever." Suzie snuggled close and said, "There's something else I need to tell you, Tony, I'm 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.

Date Cash Paid Interest Expense Decrease in carrying value Carrying Value

1/1/2020

1/31/2020

2/28/2020

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