Consider the following note payable transactions of Carlton 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 Carlton Video Productions' total liabilities on December 31, 2025? More info Jul. 1, 2024 Dec. 31, 2024 Jul. 1, 2025 Dec. 31, 2025 Purchased equipment costing $450,000 by issuing a fifteen-year, 14% note payable. The note requires annual principal payments of $30,000 plus interest each July 1. Accrued interest on the note payable. Paid the first installment on the note. Accrued interest on the note payable.