Consider the following note payable transactions of Caleb Video Productions (picture)

Requirement 1: Journalize the transactions for the company

Requirement 2: Considering the given transactions only, what are Caleb Video Productions total liabilities on Decemeber 31, 2019.

i More Info Oct. 1, 2018 Dec. 31, 2018 Oct. 1, 2019 Dec. 31, 2019 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. Print Done 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, 2018: 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 Accounts and Explanation Credit Date Debit 2018 Oct. 1