Consider the following note payable transactions of Cargo Video Productions, Click the icon to view the transactions.) Requirements 1. Joumalze the transactions for the company 2. Considering the given transactions only, what are Cargo Video Productions' total liabilities on December 31, 2025? Requirement 1. Journalize the transactions for the company. (Record debits first the credits. Select explanations on the last tine of the joumal entry) Sep 1, 2024: Purchased equipment costing $270,000 by issuing a nine-year, 7% note payable. The note requires annual principal payments of $30,000 plus interest each September 1. Date Accounts and Explanation Debit Credit 2024 Sep, 1 Equipment 270,000 Notes Payable 270.000 Purchased equipment by issuing a B-year 7% no Dec 31, 2024 Accrued interest on the note payable Date Accounts and Explanation Debit Credit 2024 6,300 Dec. 31 Interest Expense Interest Payable 6,300 Recognized accrued interest Sep 1, 2025: Paid the first installment on the note Date Accounts and Explanation 2025 Sep 1 Interest Expense Debit Credit