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 togetherIf 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 $840,000, 6%, 10-year installment note to the sellerPayments of $9,326 are required at the end of each month over the life of the 10-year loan. Each monthly payment of $9,326 includes both interest expense and principal payments (ie., reduction of the loan amount). Late that night, Tony exclaimed"We now have land for our new campthis has to be the best news ever!Suzie said, There's something else need to tell youI'm expecting!"

\begin{tabular}{|l|l|l|} \hline Gross Profit & & $ \\ \hline Expenses: & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Total Operating Expenses & & \\ \hline Operating Income & & \\ \hline & & 0 \\ \hline & & \\ \hline Income Before Income Taxes & & \\ \hline & & 0 \\ \hline & & 0 \\ \hline \end{tabular} Trial Balance Balance Sheet Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journa in the first account field.) 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 $840,000,6%, 10-year installment note to the seller. Payments of $9,326 are required at the end of each month over the life of the 10-year loan. Each monthly payment of $9,326 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 everl" Suzie said, "There's something else I need to tell you. Irm expecting!* Prepare an income statement for the period ended December 31,2025 . 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. ony'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. and Suzie jogged along a nature trail and came across a wonderful piece of property for sale. He turned to Suzie and said, "Ive lways wanted to start a camp where families could get away and spend some quality time together. If we just had the money, I know his would be the perfect place." On November 1, 2025, Great Adventures purchased the land by issuing a $840,000,6%,10-year nstaliment note to the seller. Payments of $9,326 are required at the end of each month over the life of the 10 -year loan. Each monthly bayment of $9,326 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 everl" Suzle said, "There's something else I need to tell you. I'm expectingl" 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.) 1 Record the issuance of the long-term note payable for the purchase of land on November 1, 2025. 2 Record the first monthly payment on the long-term note payable, made on November 30, 2025. 3. Record the second monthly payment on the long-term note oavable, made on December 31,2025. 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, Tive 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 $840,000,6%,10year instaliment note to the seller. Payments of $9,326 are required at the end of each month over the life of the 10 -year loan. Each monthly payment of $9,326 includes both interest expense and princlpal payments (i.e., reduction of the loan amount). Late that night, Tony exclaimed, "We now have land for out new camp; this has to be the best news ever!" Suzie said, "There's something else I need to tell you. I'm expectingl" 1. Record each of the transactions listed above in the 'General Journal' tab. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Prepare an income statement for the period ended December 31, 2025, in the 'Income Statement' tab. 3. Prepare a classified balance sheet as of December 31, 2025 in the 'Balance Sheet' tab. 4. Record the closing entries in the 'General Joumal' tab. \begin{tabular}{|l|l|l|} \hline Gross Profit & & $ \\ \hline Expenses: & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Total Operating Expenses & & \\ \hline Operating Income & & \\ \hline & & 0 \\ \hline & & \\ \hline Income Before Income Taxes & & \\ \hline & & 0 \\ \hline & & 0 \\ \hline \end{tabular} Trial Balance Balance Sheet Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journa in the first account field.) 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 $840,000,6%, 10-year installment note to the seller. Payments of $9,326 are required at the end of each month over the life of the 10-year loan. Each monthly payment of $9,326 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 everl" Suzie said, "There's something else I need to tell you. Irm expecting!* Prepare an income statement for the period ended December 31,2025 . 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. ony'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. and Suzie jogged along a nature trail and came across a wonderful piece of property for sale. He turned to Suzie and said, "Ive lways wanted to start a camp where families could get away and spend some quality time together. If we just had the money, I know his would be the perfect place." On November 1, 2025, Great Adventures purchased the land by issuing a $840,000,6%,10-year nstaliment note to the seller. Payments of $9,326 are required at the end of each month over the life of the 10 -year loan. Each monthly bayment of $9,326 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 everl" Suzle said, "There's something else I need to tell you. I'm expectingl" 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.) 1 Record the issuance of the long-term note payable for the purchase of land on November 1, 2025. 2 Record the first monthly payment on the long-term note payable, made on November 30, 2025. 3. Record the second monthly payment on the long-term note oavable, made on December 31,2025. 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, Tive 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 $840,000,6%,10year instaliment note to the seller. Payments of $9,326 are required at the end of each month over the life of the 10 -year loan. Each monthly payment of $9,326 includes both interest expense and princlpal payments (i.e., reduction of the loan amount). Late that night, Tony exclaimed, "We now have land for out new camp; this has to be the best news ever!" Suzie said, "There's something else I need to tell you. I'm expectingl" 1. Record each of the transactions listed above in the 'General Journal' tab. Review the 'General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Prepare an income statement for the period ended December 31, 2025, in the 'Income Statement' tab. 3. Prepare a classified balance sheet as of December 31, 2025 in the 'Balance Sheet' tab. 4. Record the closing entries in the 'General Joumal' tab