EF12-18 (similar to) Questior Consider the following note payable transactions of Cargo Video Productions, (Click the icon to view the transactions.) Requirements Joumalize 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, then credits. Select explanations on the last line of the joumal entry.) May 1, 2024: 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 2024 May 1 May 1, 2024 Dec. 31, 2024 Purchased equipment costing $96,000 by issuing an eight-year, 8% nole 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. May 1, 2025 Dec. 31, 2025 Print Done