PLEASE SOLVE

Consider the following note payable transactions of Kayla Productions. View the transactions. Requirements 1. Journalize the transactions for the company. 2. Considering the given transactions only, what are Kayla Productions' total liabilities on December 31, 2026? Requirement 1. Journalize the transactions for the company. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Apr. 1, 2025: Purchased equipment costing $198,000 by issuing a nine-year, 8% note payable. The note requires annual principal payments of $22,000 plus interest each April 1. Date Accounts and Explanation Debit Credit Apr. 1, 2025- X Transactions Apr. 1, 2025 Purchased equipment costing $198,000 by issuing a nine-year, 8% note payable. The note requires annual principal payments of $22,000 plus interest each April 1. Dec. 31, 2025 Accrued interest on the note payable. Apr. 1, 2026 Paid the first installment on the note. Dec. 31, 2026 Accrued interest on the note payable