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 trall 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, 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 (ie., 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. I'm expecting!" They decided right then, if it was a boy, they would name him Venture Required: 1. Complete the first three rows of an amortization schedule. Dato Cash Paid Interest Expense Change in Carrying Value Carrying Value 11/01/2022 11/30/2022 12/312022 2. & 3. Record the purchase of land with the issuance of a long-term note payable on November 1, 2022, and the first two payments on November 30, 2022, and December 31, 2022, and calculate the remaining balance of the note payable as of December 31, 2022. (if no entry is required for a particular transaction, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2. & 3. Record the purchase of land with the issuance of a long-term note payable on November 1, 2022, and the first two payments on November 30, 2022, and December 31, 2022, and calculate the remaining balance of the note payable as of December 31, 2022. (If no entry is required for a particular transaction, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 Record the issuance of note payable. Note: Enter debits before credits General Journal Date November 01, 2022 Debit Credit Record entry Clear entry View general Journal 2. & 3. Record the purchase of land with the issuance of a long-term note payable on November 1, 2022, and the first two payments on November 30, 2022, and December 31, 2022, and calculate the remaining balance of the note payable as of December 31, 2022. (If no entry is required for a particular transaction, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 Record the monthly payment. Note: Enter debits before credits Date November 30, 2022 General Journal Debit Credit Record entry Clear entry View general Journal 2. & 3. Record the purchase of land with the issuance of a long-term note payable on November 1, 2022, and the first two payments on November 30, 2022, and December 31, 2022, and calculate the remaining balance of the note payable as of December 31, 2022. (If no entry is required for a particular transaction, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 Record the monthly payment. Note: Enter debits before credits Date December 31, 2022 General Journal Debit Credit Record entry Clear entry View general Journal
