Consider the following note payable transactions of Caleb 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 Caleb Video Productions' total liabilities on December 31, 20257 COD Requirement 1. Journalize the transactions for the company (Record debits first, then credits. Select explanations on the last line of the journal entry) Oct. 1, 2024 Purchased equipment costing $80,000 by issuing a five-year, 8% note payable. The note requires annual principal payments of $16,000 plus interest each October 1. Date Accounts and Explanation Debit Credit 2024 Oct 1 More info Oct. 1, 2024 Dec. 31, 2024 Oct. 1, 2025 Dec. 31, 2025 Purchased equipment costing $80,000 by issuing a five-year, 8% note payable. The note requires annual principal payments of $16,000 plus interest each October 1. Accrued interest on the note payable. Paid the first installment on the note Accrued interest on the note payable.