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, 2025, Great Adventures purchased the land by issuing a $470,000,6%,9-year installment note to the seller. Payments of $5,643 are required at the end of each month over the life of the 9-year loan. Each monthly payment of $5,643 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!" Required: 1. Complete the first three rows of an amortization schedule. 2. Record the purchase of land with the issuance of a long-term note payable on November 1, 2025. 3-a. Record the first two payments on November 30, 2025, and December 31, 2025. 3-b. Calculate the remaining balance of the note payable as of December 31, 2025. 4. The 12 monthly payments in 2026 (following year) will reduce the note's balance by an additional $41,025. Record the reclassification of this amount from Notes Payable (long-term) to Notes Payable (current). Complete this question by entering your answers in the tabs below. Complete the first three rows of an amortization schedule. (Do not round your intermediate calculations. Round final answers to the nearest dollar amount.) Record the purchase of land with the issuance of a long-term note payable on November 1,2025 . (If no entry is required for a particular transaction, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the purchase of land with the issuance of a long-term note payable. Note: Enter debits before credits. Record the first two payments on November 30,2025 , and December 31, 2025. (If no entry is required for a particular transaction, select "No Journal Entry Required" in the first account field. Do not round your intermediate calculations. Round final answers to the nearest dollar amount.) Journal entry worksheet Record the monthly payment in November. Note: Enter debits before credits. Required: 1. Complete the first three rows of an amortization schedule. 2. Record the purchase of land with the issuance of a long-term note payable on November 1, 2025. 3-a. Record the first two payments on November 30, 2025, and December 31, 2025. 3-b. Calculate the remaining balance of the note payable as of December 31, 2025. 4. The 12 monthly payments in 2026 (following year) will reduce the note's balance by an additional $41,025. Record the reclassification of this amount from Notes Payable (long-term) to Notes Payable (current). Complete this question by entering your answers in the tabs below. Calculate the remaining balance of the note payable as of December 31,2025. The 12 monthly payments in 2026 (following year) will reduce the note's balance by an additional $41,025. Record the reclassification of this amount from Notes Payable (long-term) to Notes Payable (current). (If no entry is required for a particular transaction, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the reclassification of long term note. Note: Enter debits before credits
