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, 2019? Requirement 1. Journalize the transactions for the company. (Record debits first, then credits. Select explanations on the last line of the journal entry.) May 1, 2018: Purchased equipment costing $96,000 by issuing an eight-year, 6% note payable. The note requires annual principal payments of $12,000 plus interest each May 1. Date Accounts and Explanation Debit Credit More Info 2018 May 1 Equipment Notes Payable May 1, 2018 Dec. 31, 2018 May 1, 2019 Dec. 31, 2019 Purchased equipment costing $96,000 by issuing an eight-year, 6% note payable. The note requires annual principal payments of $12,000 plus interest each May 1 Accrued interest on the note payable. Paid the first installment on the note. Accrued interest on the note payable Print Done