Consider the following note payable transactions of Cabal Video Productions. (Click the icon to view the transactions.) Requirements 1. Journalize the transactions for the company. 2. Considering the given transactions only, what are Cabal Video Productions' total liabilities on December 31 , 2025? Requirement 1. Journalize the transactions for the company. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Jun. 1, 2024: Purchased equipment costing $120,000 by issuing a ten-year, 5% note payable. The note requires annual principal payments of $12,000 plus interest each June 1 . \begin{tabular}{ll} \hline Jun. 1, 2024 & Purchased equipment costing $120,000 by issuing a ten-year, 5% note \\ payable. The note requires annual principal payments of $12,000 plus interest \\ each June 1. \end{tabular}