i - X More Info Oct. 1, 2024 Dec. 31, 2024 Oct. 1, 2025 Dec. 31, 2025 Purchased equipment costing $40,000 by issuing a five-year, 9% note payable. The note requires annual principal payments of $8,000 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 Consider the following note payable transactions of Cargo 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 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 journal entry.) Oct. 1, 2024: Purchased equipment costing $40,000 by issuing a five-year, 9% note payable. The note requires annual principal payments of $8,000 plus interest each October 1 Date Accounts and Explanation Debit Credit 2024 Oct. 1 Dec 31, 2024: Accrued interest on the note payable. Date Accounts and Explanation Debit Credit 2024 Dec. 31 Oct. 1, 2025: Paid the first installment on the note. Date Accounts and Explanation Debit Credit 2025 Oct. 1 Dec 31, 2025: Accrued interest on the note payable. Date Accounts and Explanation Debit Credit 2025 Dec. 31 Requirement 2. Considering the given transactions only, what are Cargo Video Productions total liabilities on December 31, 2025? The total liabilities of Cargo Video Productions on December 31, 2025 are