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. On November 1, 2022, Great Adventures purchased the land by issuing a $500,000, 6%, 10-year installment note to the seller. Payments of $5,551 are required at the end of each month over the life of the 10-year loan. Each monthly payment of $5,551 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, Theres something else I need to tell you. Im expecting! They decided right then, if it was a boy, they would name him Venture.

1) Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

• Record the issuance of the long-term note payable for the purchase of land on November 1, 2022.

• Record the first monthly payment on the long-term note payable, made on November 30, 2022.

• Record the second monthly payment on the long-term note payable, made on December 31, 2022.

• The 12 monthly payments in 2023 (following year) will reduce the note's balance by an additional $38,014. Record the reclassification of this amount from long-term notes payable to current notes payable.

• Prepare the closing entry for revenue accounts.

• Prepare the closing entry for expense and loss accounts.

2) Prepare an income statement for the period ended December 31, 2022. Choose the appropriate accounts to complete the company's income statement. The unadjusted or post-closing balances will appear for each account, based on your selection.

3) Prepare a classified balance sheet as of December 31, 2022. Choose the appropriate accounts to complete the company's balance sheet. The unadjusted or post-closing balances will appear for each account, based on your selection.