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 $400,000, 6%, 8-year installment note to the seller. Payments of $5,257 are required at the end of each month over the life of the 8-year loan. Each monthly payment of $5,257 includes both interest expense and principal payments (i.e., reduction of the loan amount).

3. Calculate the remaining balance of the note payable as of December 31, 2022.

4. The 12 monthly payments in 2023 (following year) will reduce the notes balance by an additional $40,574. How would the remaining balance of the note payable be reported in the balance sheet as of December 31, 2022?

Balance 4. The 12 monthly payments in 2023 (following year) will reduce the note's balance by an additional $40.574. 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