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, 2025, Great Adventures purchased the land by issuing a $430,000, 6%, 8-year installment note to the seller. Payments of $5,651 are required at the end of each month over the life of the 8-year loan. Each monthly payment of $5,651 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!

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 notes balance by an additional $43,617. Record the reclassification of this amount from Notes Payable (long-term) to Notes Payable (current).