Kvvry$-$I $($AIgo$)$ Great Aaventures Continuing Case

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 $$420,000,6\%,10-$year

installment note to the seller. Payments of $$4,663$ are required at the end of each month over the life of the $10-$year loan. Each monthly

payment of $$4,663$ 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, "There's

something else I need to tell you. I$\text{'}$m expecting!"

Required:

Complete the first three rows of an amortization schedule.

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 $31,2025.$

The $12$ monthly payments in $2026($following year$)$ will reduce the note's balance by an additional $$31,931.$ Record the reclassification

of this amount from Notes Payable $($long$-$term$)$ to Notes Payable $($current$).$

Complete this question by entering your answers in the tabs below.

The $12$ monthly payments in $2026($following year$)$ will reduce the note's balance by an additional $$31,931.$ Record the reclassification of

this amount from Notes Payable $($long$-$term$)$ to Notes Payable $($current$).($If no entry is required for a particular transaction, select $"$No

Journal Entry Required" in the first account field.$)$

Journal entry worksheet

$1$

Record the reclassification of long term note.