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, 2018: Purchased equipment costing $80,000 by issuing a five-year, 8% note payable. The note requires annual principal payments of $16,000 plus interest each October 1. Accounts and Explanation Credit Date Debit 2018 Equipment 80,000 Oct. 1 Notes Payable 80,000 Purchased equipment by issuing a 5-year, 8% note. Dec 31, 2018: Accrued interest on the note payable. Accounts and Explanation Date Debit Credit 2018 Interest Expense 1,600 Dec. 31 Interest Payable 1,600 Recognized accrued interest. Oct. 1, 2019: Paid the first installment on the note. Accounts and Explanation Date Debit Credit 2019 Interest Expense Oct. 1 Interest Payable 1,600 Notes Payable Cash Paid first installment of