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Tonyu2019s favorite memories of his childhood were the

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Tony%u2019s 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, %u201CI%u2019ve 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.%u201D They called several banks and on January 1, 2014, Great Adventures obtained a $500,000, 6%, 10-year installment loan from Summit Bank. Monthly payments of $5,551 are required at the end of each month over the life of the 10-year loan. Each monthly payment of $5,551 includes both interest expense and principal payments.

Late that night Tony exclaimed, "$500,000 for our new camp, this has to be the best news ever." Suzie snuggled close and said, "There's something else I need to tell you, Tony, I'm expecting!" They decided right then, if it was a boy, they would name him Venture.Record the note payable on January 1, 2014, and the first two payments on January 31, 2014, and February 28, 2014.

Reference no: EM13585709

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