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, 2022, Great Adventures purchased the land by issuing a $570,000, 6%, 9-year installment note to the seller. Payments of $6,843 are required at the end of each month over the life of the 9-year loan. Each monthly payment of $6,843 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! They decided right then, if it was a boy, they would name him Venture. Balance 4. The 12 monthly payments in 2023 (following year) will reduce the note's balance by an additional $49,753. How would the remaining balance of the note payable be reported in the balance sheet as of December 31, 2022? Current liability Long-term liability Total $ 0